3 areas that are showing signs of improvement in our Macomb County MI real estate market

By
Real Estate Agent with Keller Williams Realty - Lakeside Market Center

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**

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Rainmaker
655,214
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Kris, all good news on 3 points...up up and away!

Apr 14, 2010 12:49 AM #1
Ambassador
920,196
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Nice to see Realcomp figures, Kris.

We are in short supply in some price points and area's here.

I have two buyers with needs right now.

A welcome problem.

Apr 14, 2010 01:04 AM #2
Rainmaker
70,777
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Great news and I like your interpretation of the data.  Too many people post info on AR without telling us what it means:)

Apr 14, 2010 07:07 AM #3
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Kris,

Those are positive trend lines and I hope they continue. We'll all have to wait until next month to see if first time homebuyers have disappeared. I don't think so.

Rich

Apr 14, 2010 01:22 PM #4
Ambassador
417,729
Jo-Anne Smith
Oakville, ON

hi Kris,

Nice to see some positive changes in your market....that's wonderful!

Jo

Apr 14, 2010 02:22 PM #5
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Hi Kathy,   Good news is welcome isn't it?  Good to see you :-)

Missy,   I love that kind of problem!  It means the demand is finally outweighing the supply.

Drew,   Thank you!  Always nice to hear from you.

Rich,   I am anxious to see what the next couple of months hold. Thanks :-)

Jo-Anne,   It is wonderful.  Thanks Jo!

Apr 15, 2010 12:00 AM #6
Rainmaker
760,802
Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Kathy,

You guys have been hit so hard that it is good to see such encouraging numbers. May it continue!!!

Apr 15, 2010 10:19 AM #7
Rainmaker
756,114
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Wonderful post! Great information's and very good news!

Thanks for sharing.

Adam

Apr 16, 2010 05:21 AM #8
Rainer
494,722
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Kris, what is up !... I have been soooo busy limited time post here on A/R with comments GREAT BLOG, I hope you have an amazing weekend. Dallas Apartment Locator,  Lynn911.com, Dallas Aparment Finder, Dallas Apartments for Rent, Dallas  Apartment Rentals

Jun 18, 2010 04:49 PM #9
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Kris Wales

Real Estate Blog & Homes for Sale search site, Macomb County MI
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