Fresh data provided by MiRealsource MLS, reports that bank owned real estate sales accounted for a whopping 45% of all real estate sold in Macomb County Michigan in 2008. This compares to only 27% in 2007.
Bank sales in December 2008, accounted for 55% of all sales compared to 37% in 2007. Not surprising is the fact that leases are increasing as well. They make up 11% of all transactions. As owners struggle to make ends meet, many are resorting to leasing their property. Some are successful, some still end up losing their property to foreclosure.
In 2008 the average sales price declined in Macomb County. The average sales price in December 2008 was $159,295, Compare that to December 2007 when the average sales price was $179,397.
To put these numbers into perspective, in April of 2005, the average sales price was $189,457. Bank sales only accounted for 8% of all sales. Leases were only 3% of all transactions.
So are we at "the bottom"? I believe that if we aren't, we are pretty close. Now is a great time to buy in Macomb County. Property values on average are what they were back in 1995-1996. It is a great time to move into a larger, newer home. Or if your current home is too large, I can assist you in finding a smaller less costly property.
If you would like more detailed information in regards to the market value of your home in Macomb County Michigan please don't hesitate to contact me either via phone or email.