Could it be? Do my feet feel solid land? Maybe sunny skies are here again! Well we are not there yet, but for the first time, in a long time, the numbers show promise. Below are the November sales number for The Real Estate One group of companies (Max Broock, Real Estate One and Johnston & Johnston), which makes up the largest broker in South East Michigan.
These numbers show, that between the First Time Home Buyer Credit and the fact that real estate is dirt cheap here, homes are selling! Not just selling, but selling for more then they did the same time last year. I know this positive news is dwarfed by enormous lose of equity, a growing unemployment rate and more distressed properties then the eye can see. But even in a monsoon of destruction, it is nice to see a rainbow.
Remember, this is the first good news in a sea of bad news. Also we are talking about Motown, the auto capital of the world. Remember GM & Chrysler bankruptcy and the highest unemployment of all 50 states. Arguably the hardest hit area in country and if values are rising here, then it can happen anywhere!! Forget New York, New York and say Detroit, Detroit!!
In Oakland County
- 50% more Homes under $100,000 are pending in November compared to the same time last year.
- 53% more homes over $100,000 are pending in November compared to the same time last year.
- The inventory of homes have dropped by over 30% this November compared to the same time last year.
- The median sale price is up 35% in November compared to the same time last year
