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December 2008 Market Report

Residential sales ended 2008 up 19% higher than 2007 with December's strong finish. In fact, according to Realcomp, every county in the entire MLS showed increased sales and pending sales, which bodes well for 2009.

Sales for the entire MLS during December 2008 were up 31.6% over December 2007, reflecting the 12th straight month of growth.

Strong 2008 starter home sales (those priced under $125K) were up 61% over 2007 due in large part to affordable home prices and low interest rates.

Even though December's inventory was down over 18% over December 2007, the supply of homes remains greater than the demand. Therefore homes selling in this buyer's market are priced to sell.

Market activity has started strong this year. It's still a wonderful time for first time homeowners to take advantage of low interest rates and values.

Posted by Debra Drummond | MichiganMoves Real Estate in SE Michigan on 01/30/2009 07:28 AM

Comments (2)

Market Reports in the Regional (Localism) Channel

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2 Comments on December 2008 Market Report

FEB

I heard a mortgage person say the the Detroit market has finally hit bottom and is now heading back up. Do you agree?

Hi Kristie - While I'd certainly like to believe that, I don't believe the market has turned until we have fewer bank/government-owned foreclosures competing with private owners. We also need more buyers with confidence in their jobs to feel comfortable buying in this economy.

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