Below is a comparison of January 2009 to January 2010 monthly housing numbers. Please see the cliff notes below for a quick read, but make sure you check out your individual city to find out how your municipality stacks up. It is noticeable that sales our up by 21% and home inventories are down by 16% (shrinking inventories and rising sales units is good medicine to cure market glut!!). Though, on average the sale prices are still down, the fact that homes are selling leads to a bottoming out trend which is hopeful and desperately needed. If inventories continue to shrink, prices will stabilize though scarcity of available homes to purchase. This is good news, supply and demand leveling out. We are not out of the woods yet but I feel we are more then 1/2 through!!! Mike Sher, Max Broock 2009 Results, 56 homes sold, 22 short sales and 365 days work hard work. Contact me at (248) 644-4700 or team@mikerealtor.com
Links below for a more readable copy of stats below:
Download Oakland County stats for January 2010.
Download Macomb County stats for January 2010.
Mike: I'm sure Michigan will rebound sooner than later, especially as the "Big 3" continue to make comebacks. Plus, Michigan is surrounded by the 2nd-biggest source of fresh water on the planet- I'm surprised more people haven't figured out it's a great place for long-term real estate investments.
The only thing we have to worry about is the tax credit going away, the Fed stoppage of subsidizing rates and the shadow inventory.
I do think this is a pivotal year in SE Michigan real estate though!