It has been quite a while since the statement "things are remaining the same" was a good sign, but for metro real estate it is. Available home inventories continue to decline and the rate of sales are holding near the same annualized pace as last year, with the average price per square foot on the rise. There certainly is a chance of a double dip market decline, but with the current buyer activity levels and reduced inventories, that does not appear likely.
Saleable listings and discounted bank owned are getting multiple offers and selling quickly. With so much activity focused on those segments, the best opportunities for bargains are the homes that have been sitting on the market. Many are actually priced within their saleable range, but in outdated or poor condition. Using FHA 203K loans, a buyer can find a diamond in the rough, get a loan to cover the repairs and get a home at a great price.
For buyers, with the most popular homes selling in days, it is important to understand the rules of the road when working with competing offers.
- Be ready to move quickly
- Be pre-approved for your mortgage
- It is now officially OK to offer above asking price for the right home
- Be ready to bridge the gap between your agreed upon price and the appraised value (because the next guy will if you don't)
Below, please find the latest May’s Market Update for your review. If you have any questions or need any real estate advice, feel free to contact me.
Also, feel free to pass this update on to anyone that may be interested.
Conne
Conne Terova
Team Terova
248-318-7342
www.teamterova.com
May, 2011
$0 to $100,000 Home Values Past 90 Day Trends | ||||||||||||
#of Homes Pending | Homes for Sale | Ave Price/sqft. | ||||||||||
Area | May 11 | Trend | May 11 | Trend | May 11 | Trend | ||||||
Oakland County | 982 | é | 3,113 | ê | 41 | é | ||||||
Macomb County | 507 | çè | 2,025 | ê | 34 | é | ||||||
Livingston County | 81 | é | 299 | ê | 51 | é | ||||||
Washtenaw County | 86 | é | 258 | ê | 43 | é | ||||||
Wayne County ( - Detroit & G.P.) | 780 | é | 2,268 | ê | 38 | é | ||||||
Detroit* | 721 | çè | 5,364 | ê | 10 | çè | ||||||
Grosse Pointe(s)** | 96 | ê | 439 | ê | 20 | ê | ||||||
Northwest Michigan*** | 67 | çè | 3,964 | ê | 47 | çè | ||||||
Total | 3,320 | é | 17,730 | ê | 32 | é | ||||||
Median Sale Price | Months Supply Inv | |||||||||||
Area | May 11 | Trend | May 11 | Trend | ||||||||
Oakland County | $49,000 | é | 3.2 | ê | ||||||||
Macomb County | $35,022 | çè | 4.0 | ê | ||||||||
Livingston County | $71,450 | é | 3.7 | çè | ||||||||
Washtenaw County | $59,950 | é | 3.0 | ê | ||||||||
Wayne County ( - Detroit & G.P.) | $41,200 | é | 2.9 | ê | ||||||||
Detroit* | $8,500 | çè | 7.4 | é | ||||||||
Grosse Pointe(s)** | $19,950 | ê | 4.6 | çè | ||||||||
Northwest Michigan*** | $55,000 | çè | 59.2 | çè | ||||||||
Total | $36,350 | é | 5.3 | ê | ||||||||
Over $100,000 in Home Values Past 90 Day Trends | ||||||
#of Homes Pending | Homes for Sale | Ave Price/sqft. | ||||
Area | May 11 | Trend | May 11 | Trend | May 11 | Trend |
Oakland County | 1,203 | é | 6,189 | çè | 106 | é |
Macomb County | 261 | çè | 1,768 | ê | 82 | çè |
Livingston County | 213 | çè | 1,473 | çè | 97 | é |
Washtenaw County | 279 | é | 1,264 | ê | 123 | çè |
Wayne County ( - Detroit & G.P.) | 471 | é | 1,878 | ê | 101 | é |
Detroit* | 721 | çè | 283 | ê | 44 | ê |
Grosse Pointe(s)** | 30 | ê | 329 | çè | 107 | é |
Northwest Michigan*** | 96 | ê | 4,042 | çè | 122 | é |
Total | 3,274 | é | 17,226 | çè | 91 | é |
Over $100,000 in Home Values Past 90 Day Trends
Median Sale Price | Months Supply Inv | |||
Area | May 11 | Trend | May 11 | Trend |
Oakland County | $192,500 | çè | 5.1 | ê |
Macomb County | $146,000 | çè | 6.8 | é |
Livingston County | $175,000 | çè | 6.9 | ê |
Washtenaw County | $197,500 | çè | 4.5 | ê |
Wayne County ( - Detroit & G.P.) | $193,000 | é | 4.0 | ê |
Detroit* | $120,500 | ê | 16.6 | ê |
Grosse Pointe(s)** | $215,000 | ê | 11.0 | é |
Northwest Michigan*** | $187,000 | é | 42.1 | é |
Total | $172,341 | çè | 8.8 | ê |
Source: MIRS, Realcomp, AABOR, TAAR
Months Supply Inventory is the current rate of sales to sell existing home inventory
