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Macomb County MI real estate market report for January 1-15, 2009

By Kris Wales

Real Estate Agent with Keller Williams Realty - Lakeside Market Center

January 24, 2009 10:06 PM

The beginning of the year is always an exciting time for us in the real estate industry. We look forward to taking on the challenges that each year brings and also look forward to analyzing how the first month of the new year compares to the previous year.

I couldn't wait until the end of the month to take a side by side peek at what the home sales are looking like in Macomb County MI so far this January.

Macomb County residential homes sold	2008	2009
Number of homes sold from January 1st through 15th	181	210
Non-distressed sales (privately owned - not foreclosures)	81	57

The number of homes sold in Macomb County during the first 2 weeks of this year has risen by 29 homes sold, but the bank owned homes (foreclosure - distress sales) still rule the roost so to speak.

Even though 210 homes sold during this period, only 57 of them are not foreclosures.

I can talk about how pricing is key until I feel there is nothing more to say on the subject, but the proof of the words are in the numbers above.

If you are a homeowner who truly needs or wants to sell the best advice I (or anyone else in this industry) can give you is to be ready to price your home competitively. Whether we like it or not, the foreclosures are selling at a greater pace. 57 of your neighbors in Macomb County took this advice seriously and have sold their homes within the first two weeks of the year in spite of the amount of bank owned homes on the market.

~Kris Wales~ A partner for your real estate needs in Macomb County MI

If you'd like to read more about real estate in Macomb County MI please visit me here.

**All homes sold data courtesy of Mirealsource™ and it's participating brokers and real estate agents. Information is thought to be reliable, but not guaranteed**

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Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Not surprising, same thing out here and the short sales and forclosure's are dominating. Makes me sad for the sellers who don't or can't sell short as they are stuck until this erosion ends. How can they compete against 3 homes in a neighborhood that are at fire sale ? They can't.

Jan 24, 2009 11:43 PM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

Kris great blog and very informative. Like missy said Im not surprised that majoritity of homes now are short sales or REO, I market is saturated with them.

Jan 25, 2009 12:19 AM

Diane Aurit

LKN Realty, LLC - Mooresville, NC

Lake Norman Real Estate

Kris, I'm like you, I can't wait until the end of the month to see how we are doing versus last year and last month. Does your MLS have a separate search field for distresed sales? We don't have that here but I wish we did so I could find out how many of our sales are distressed just as you did here. Great information to share with your readers!

Jan 25, 2009 01:43 AM

Teri Eckholm

Boardman Realty - White Bear Lake, MN

REALTOR Serving Mpls/St Paul North & East Metro

Kris--Good information for sellers. In the Twin Cities it was estimated that last year 31% of home sales were lender mediated or foreclosures. Many more were traditional sales. Looks like more people are staying put in your area if they can.

Jan 25, 2009 02:32 AM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

We just hit 70% of the sales in the recent month that were bank owned or short sale listings sold. The only good news is the inventory is going down and after they are sold the typical seller may see more activity. Right now price is king.

Jan 25, 2009 04:02 AM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

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

Missy:   The only way they can compete is to price their home in line with the distressed sales. Sadly, only those who are not upside down on their mortgages or own their homes free & clear are able to do this.

Heather:    What once was unique to the Metro Detroit area has spread all over the country now. I've heard of very few places that aren't experiencing this.

Diane: Yes, the MLS I predominantly use has a separate search for bank owned homes. I can weed them out when I take a look at things thankfully. It helps get to the heart of the matter quickly.

Teri: Those that really want to sell and don't want to wait til the end of this mess aren't waiting, but most people who are not in a distressed state will wait.   As I commented above, unless they are not upside down on their mortgages, or can bring cash to closing, they are waiting it out.

Terry: You're right alongside us it seems in what you are seeing.   And yes, that is great news that inventory is finally going down in your area - as soon as the supply and demand evens back out we'll see stability with pricing.

Jan 25, 2009 07:41 PM

Macomb County MI real estate market report for January 1-15, 2009

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