Michigan Home Sales Continue Their Rise in our Region,
This is information is courtesy of Real Comp, Metro Detroit's MLS. They have gathered some great infomation and the opinions and analysis below are theirs.
May 2008 Residential and Condo SALES Summary by Area/County
Area May, 2008 May, 2007 Percent Change
ALL MLS 5,288 4,691 Up 12.7%
City of Detroit 1,039 771 Up 34.8%
Livingston County 169 153 Up 10.5%
Macomb County 703 636 Up 10.5%
Oakland County 1,241 1,135 Up 9.3%
St. Clair Area 115 129 Down 10.9%
Wayne County 2,072 1,766 Up 17.3%
May 2008 Residential and Condo PENDINGS Summary by Area/County Area May, 2008 May, 2007 Percent Change
ALL MLS 6,795 5,515 Up 23.2%
City of Detroit 1,537 1,084 Up 41.8%
Livingston County 214 181 Up 18.2%
Macomb County 809 734 Up 10.2%
Oakland County 1,625 1,406 Up 15.6%
St. Clair Area 150 121 Up 24%
Wayne County 2,941 2,236 Up 31.5%
Highlights Synopsis of Sales (5-08 vs. 5-07)
• Entire MLS up for fifth straight month, YTD 12.7 % up over same time 2007
• Wayne County and the City of Detroit sales are up for the fifth straight month
• Macomb and Oakland Counties up 4 out of last 5 months
Analysis:
• Sales up during May in Livingston, Macomb, Oakland, & Wayne counties having positive effect on overall sales totals.
• Pending Sales (offers accepted, not yet closed) up in May in entire MLS.
Key Factors/Indicators:
• Positive:
- Homes priced to sell
- Interest rates remain at historically low levels
• Adverse:
-Michigan is still 5th in nation in foreclosures keeping prices of homes lower than appraisals in many cases
For more on Metro Detroit Michigan real estate feel free to visit my websites www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com You can search over 60,000 Michigan homes for sale on either site.
Comp and Listing Information Courtesy of Realcomp II Ltd
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