One of our area multilist associations (Realcomp II Ltd.) has just released the March 2010 housing sales report and I have to say, I’m excited about what I’m seeing. Most real estate professionals feel that the housing market will truly show signs of a recovery when 3 things happen consistently: Number of homes on the market decline, number of foreclosure sales decline, and sold home prices start creeping back up. During the month of March of this year we saw all 3 of these happening.
Here is what it looked like in Macomb County for this past March:
Number of “on market” listings: 4831 for March 2010 compared to 6630 for March 2009. This is a huge change (-27.1%) and if it continues we’ll see the “supply and demand” balance itself back out.
Number of foreclosures sales: 400 for March 2010, compared to 518 for March 2009. Also quite a big change (-22.8%). Over the past 6 months we’ve all witnessed a decline in the number of foreclosures hitting the market, and although we are not sure if there is another wave of them coming this current decline is good news for Macomb County MI homeowners.
Sold home prices: $75,000 for March 2010 which in itself isn’t much to cheer about, but in March of 2009 the average “sold” sales price for Macomb County was $60,000. That is a nice 25% jump from one year ago, and as long as the numbers are climbing upwards I’ll be thrilled about it.
There are some questions that still remain to be answered: Are home sales up considerably because of the first time home buyers tax credit that ends this month? I believe they are. Are there more foreclosures coming to our market? I also believe that we’ll be seeing more of them, at least until unemployment in our state stabilizes.
All in all, I’m excited about what I’m seeing and witnessing first hand in our real estate market. I hope that all of you that are considering buying a home, or thinking about selling your home will keep an eye on things as we do, and talk to a real estate professional to analyze your area of town.
**Information on sales data courtesy of Realcomp II Ltd and is deemed to be reliable but not guaranteed**