Chatting with a friend yesterday about how much the real estate market has changed
in the last 5 years had me curious for clarifying data.
I took a peek this morning in Mirealsource™ to see the hard numbers during the month
of April in 2003 compared to what we are experiencing now in the housing market in April
of 2008. I chose Chesterfield Township in Macomb County as my target area and this
is what the 5 year snapshot looks like:
A couple of things startled me when I first saw the numbers as I entered them into the graph.
First, the number of homes sold was almost identical. Secondly, the average days on the market
were also very close. If you had asked me before I looked at the data if I would think those 2 items
would be so similar I would have said no.
The average list price and sold prices plummeting during these 5 years did not surprise me at all.
We've been watching this steady decline for some time now, longer than most areas of the country
have been experiencing this.
One scenario that brings this to the forefront of my mind is this one:
5 years ago if there were 10 homes on the market in Chesterfield Township under $150,000 that
was a generous supply for first time home buyers. They also would have sold within the first couple
of weeks on the market if they were in decent shape.
Today, there are 46 homes on the market in Chesterfield Township priced between $100,000 and
$150,000. 20 of these homes are bank owned properties. **Homes linked to for sale are courtesy
of Mirealsource™ and it's participating brokers and agents via Broker Reciprocity.**
The national and local media is filled with the news that now is a great time to purchase if you are
in need of a home. I echo that sentiment. If it is a good time to buy for you and your family, then
now would certainly be the time to purchase one of these homes in Macomb County.
To view other homes for sale in Macomb County please visit me at my Macomb County real estate
website and enter one of the search for homes features.
Kris Wales RE/MAX Advantage 1, Inc. Chesterfield Township - a Macomb County MI real estate agent.
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