Here are the overall market stats for December along with our company numbers for the month and the entire year. Following the market, our units were up nearly 10% (to 14,934) with volume down 18% (to $1,970,938,890) for the year. For Southeast Michigan, December ended like the rest of the year, a continued settling of home values with a significant increase in the number of homes pending. It is rather remarkable that the number of homes sold and leased have continued to grow (2008 over 2007) considering the economic uncertainty that hangs over the State. Granted that increase has come from the under $100,000 home value segment (the segments above $100,000 declined in terms of units in 2008); however those sales do create additional activity. Most are first time and investor sales that have a higher turnover rate as do leases, driving the move-up price range sales as home inventories shrink. Median home values took a significant drop in 2008, falling 38%, most of that is from the shift of buyers to those lower priced homes, as opposed to value declines. The Case/Shiller numbers are a better indicator of true home value changes at around -12%.
Northwest Michigan moved in a different direction with the number of homes sales off by 20% while the average home price declined only 6%. As a positive sign For Sale inventories have begun to decline however it is logical that further price declines can be expected in northern markets as well.
Our numbers for the month and for the year are once again the best in the State.
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Total Company Summary |
Dec-08 |
Full Year 08 |
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# of Buyers to Open Houses |
573 |
35,614 |
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# of Showing Appointments |
8,222 |
211,860 |
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# of Homes Sold/Leased |
1,028 |
14,934 |
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# of Web Inquires (Unique Visitors) |
96,175 |
1,385,400 |
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# of Mortgage/Title/Insurance Closings |
375 |
5,634 |
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Number of Homes Pending |
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Available Homes for Sale |
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Area |
Dec 07 |
Dec 08 |
% Change |
Dec 07 |
Dec 08 |
% Change |
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Oakland County |
690 |
994 |
44.1% |
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17,820 |
16,485 |
-7.5% |
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Macomb County |
473 |
775 |
63.8% |
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7,346 |
8,999 |
22.5% |
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Livingston County |
90 |
111 |
23.3% |
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2,806 |
2,464 |
-12.2% |
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Washtenaw County |
175 |
177 |
1.1% |
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3,220 |
2,624 |
-18.5% |
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Wayne ( - Detroit & G.P.) |
387 |
647 |
67.2% |
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8,570 |
8,138 |
-5.0% |
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Detroit |
652 |
1,028 |
57.7% |
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12,407 |
8,543 |
-31.1% |
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Grosse Pointe(s) |
50 |
34 |
-32.0% |
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530 |
683 |
28.9% |
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Northwest Michigan* |
98 |
111 |
13.3% |
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3,876 |
3,884 |
0.2% |
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Total |
2,615 |
3,877 |
48.3% |
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56,575 |
51,820 |
-8.4% |
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Median Sale Price |
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Ave Chance of Selling (in 30 days) |
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Area |
Dec 07 |
Dec 08 |
% Change |
Dec 07 |
Dec 08 |
% Change |
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Oakland County |
$154,200 |
$105,500 |
-31.6% |
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4% |
6% |
55.7% |
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Macomb County |
$110,000 |
$66,750 |
-39.3% |
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6% |
9% |
33.8% |
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Livingston County |
$175,000 |
$145,000 |
-17.1% |
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3% |
5% |
40.5% |
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Washtenaw County |
$205,300 |
$140,000 |
-31.8% |
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5% |
7% |
24.1% |
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Wayne ( - Detroit) |
$126,500 |
$72,500 |
-42.7% |
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5% |
8% |
76.1% |
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Detroit |
$14,000 |
$7,000 |
-50.0% |
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5% |
12% |
129.0% |
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Grosse Pointe(s) |
$239,500 |
$137,500 |
-42.6% |
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9% |
5% |
-47.2% |
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Northwest Michigan* |
$141,500 |
$123,500 |
-12.7% |
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3% |
3% |
13.0% |
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Total |
$112,440 |
$69,631 |
-38.1% |
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5% |
7% |
61.9% |
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Data Source: MiRealsource, Realcomp, Ann Arbor Board & BrokerMetrics |
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Ave Chance reflects the % chance the average home will sell in the next 30 days under the current rate of sales |
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* Includes Grand Traverse, Kalkaska, Antrim, Leelanau and Benzie counties, waterfront properties and vacant land |
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