2011 Market Trend Report
Southeast Michigan Year End 2010
Home affordability and demand are at high points, as a result of continued low interest rates and the reduction of available home inventories (down 50% from the 2008 peak). The offset has been slow economic growth and more importantly home equity reductions that have put 40% of homeowners underwater. The consensus is Michigan jobs are expected to grow by 20,000 or more in 2011, increasing to nearly 60,000 net new jobs by 2012. Interest rates are also expected to remain low, making 2011 a solid move up year in real estate. Unfortunately for homeowners, appreciation is the last thing to come back in a housing down turn and will not return until 2012 and beyond.
A further help to the market was a reduction in the foreclosure inventories. The expected “dump” of homes from the bank “shadow inventory” did not take place. There are a number of reasons; a) the robo signing controversy caused banks to slow their foreclosure processing
b) banks are aware that a “dump” will effect values c) lenders have an overall understanding that foreclosure is their least viable option. Nonetheless there is a buildup of properties, since foreclosure rates have exceeded bank owned sales for most of the year. As a result, many are predicting a continued drop in values across the country as Lenders release their inventories. For Michigan, the shadow inventory does not pose as big a threat since our available home inventories are down and buyer demand is building. We could actually benefit from a “mini-dump” to kick-start some additional buyer demand.
Even though many were not in a position to buy a home, tax credits and the sheer size of the buyer pool created enough activity to generate one of the most active real estate markets we have recently seen. Financially distressed sales still made up 75% of all transactions, down from 85% in 2009, with the biggest
shift from bank owned (45% to 36%) to short sales (15% to 20%).
In spite of the uncertainty, homeownership is still a great idea. Short-term prices and interest rates have never been lower. In the long run it is pretty clear our recovery is moving in a positive direction, regardless of how slow it might be. In addition, the demographics for housing demand over the next 5-10 years will be at near record numbers created by the perfect storm of Gen X and Y moving into the prime homeownership ages and Baby Boomers, who have delayed their real estate needs (as a result of the economy), making their lifestyle moves. We can expect the home buying demographic to grow about 15% over the next 5 years and 25% over the next 10. Increased immigration will add some significant fuel for housing appreciation, particularly if new housing starts remain low over the next 3-4 years as expected.
Buyers who have the flexibility to both bid quickly when they need to as well as the patience to wait it out (in the case of a short sale purchase) will have the widest choices for their ideal home. For sellers, it is still a buyer’s market, although getting closer to a neutral market, so pricing will still be the dominate factor in creating activity.
The Real Estate One Family achieved some significant milestones over the past year, handling more clients (26,544) than ever before in our 81-year history. We moved up to the 10th largest real estate broker in the nation and received the first ever Most Innovative Brokerage Award from the Leading Real Estate Companies of the World, the nation’s largest broker network. Also, John Adams Mortgage became the 5th largest FHA lender in Michigan.
In 2011, we will continue to enhance our client experience combining real estate, mortgage, home insurance and title services into an easy one-stop process. Our Virtual Office Website (VOW) called First to Know will improve our clients’ access to market information by providing a personal web portal to follow their market (For Sale, Solds, etc.). Additionally, we have introduced mobile property search applications for smartphones, Androids, iPhones and iPads and continue to have the most viewed broker website in the state, generating 1.9 million unique visitors and 32,700 buyer inquires to our clients’ properties.
There will be great opportunities in the upcoming year as our market recovers and we look forward to providing the finest real estate services available, allowing our clients to take advantage of each of them.
Historically, 2010 and 2011 will be looked upon as the beginning of the housing recovery. To put this past year in perspective, 2010 marked five years since our home value peak in 2005 and the third straight year of increasing market activity (sales and leases) since the unit sales low point of 2007.
Sales Volume for 2010 (Closed Transactions) $2.1 Billion
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2010/2011 Housing Outlook
Homes Sold/Leased 17,582
Unique Visitors to our Websites 1,949,753
Buyers Who Visited our Open Houses29,286
Showing Appointments for our Listings 194,997
Mortgage/Title/Insurance Policies Closed 8,962
26
36
18
20
n Home values will, for the first time in some segments, remain stable with only
modest drops in most markets (under 5%).
n Appraisals will continue to be a challenge as lenders will be slow to adjust their
underwriting standards to an improving market.
n The buyer pool will continue to increase as the economy improves and
consumers gain more confidence.
n The first big wave of former homeowners who were forced to sell for financial
reasons will be back in the home buying market with improved credit.
n Short sales will continue to grow, outpacing bank owned as the primary type of
distressed property sale.
n Foreclosure rates will fall and banks will continue to release their home
inventories at a slow pace, keeping available home inventories stable and the
Months Supply of Inventory at its current 6-month level (buyer’s market, but
near neutral).
n Interest rates will rise to near 6% as the economy improves.
n The ability for an average family to purchase a home (Home Affordability
Index) will remain near an all time high — meaning rising interest rates or
even appreciating home values will not have a negative effect on the buyer
population.
n With shrinking equities over the past five years, buyers who do not have to sell
first are the most valuable. There will be a near record number of these buyers
from the growth of Gen X and Y as well as those former homeowners who are
leasing and are now able to move back into homeownership.
n FHA loans will become a hidden value opportunity. Since FHA loans have the
ability to be assumed by the next buyer, a home purchased in 2011 with a 4.5%
FHA loan will have extra value in, say five years, when the interest rates have
risen to 6.5%.
n Banks will get better at short sales as their departments gain more experience
and they begin to implement the government assistance program standards
(HAFFA, HAMP, etc.).
2011Highlights of what we expect to see in
Distribution of Home SalesIn our current buyer’s market, the type of home that is selling has shifted from the traditional profile of the past 20 years.
Bank Owned
Leases
Short Sales
Traditional
This seasonally adjusted chart shows the pace of home sales in Metro Detroit from the peak years ’06 to the low point in ’08. The impact of the Tax Credits and low rates can be seen in the last half of 2009, carrying some momentum into 2010.
Annualized Rate of Home Sales
50,000
25,000
0
AUG 05 AUG 06 AUG 07 AUG 08 AUG 09 AUG 10
It is therefore important to understand where your home fits into the overall market activity. Although traditional owner occupied homes make up a majority of the current homes available for sale, the majority of the homes being sold are bank owned or short sales.
As a traditional seller, in order to stand out in a crowded field, (made even smaller by the buyer’s focus on bank owned) flexibility on pricing, terms, lease vs. sale, or lease to own becomes imperative.
Source: Michigan Association of Realtors, Realcomp II, MiRealSource, Ann Arbor MLS
36%
26%18%
20%
-
1,000,000
2,000,000
3,000,000
-
5,000
10,000
15,000
20,000
25,000
30,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2009 2010
-
50,000
100,000
150,000
200,000
250,000
300,000
-
10,000
20,000
30,000
40,000
50,000
60,000
Jan
Feb
Mar
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Sept
Oct
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Dec
Jan
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Mar
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Jun
Jul
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Sept
Oct
Nov
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2009 2010
“Looking ahead to 2011, the Michigan economy is poised to make modest gains, fueled by increases in auto production and sales, and against a background of gradually accelerating growth,” said Dana Johnson, Chief Economist at Comerica Bank.
Both home sales and our website activity follow a similar upward trend since mid 2010, showing the relative strength of the market going into 2011. With increased buyer activity, open house and property showing appointments have remained constant with a slight downward trend, reflecting the reduction in available homes for sale as well as the increased use of the web to presort homes before viewing them. Livingston 37 % $115,000 $160,000 55 140
Macomb 44 % $47,000 $84,250 54 116
Oakland 38 % $60,000 $140,000 57 131
City of Detroit 57 % $9,000 $13,250 45 99
Wayne (w/o Detroit) 46 % $37,000 $75,000 56 112
Market 44 % $53,868 $94,500 53 120 Summary
Bank Owned* Median Sale Price Avg Days on MarketCounty/City % of Total Bank Non-Bank Bank Non-Bank Sales Owned Owned Owned Owned
MICHIGAN ECONOMY FLAT IN NOVEMBER,
REPORTS COMERICA BANK’S MICHIGAN ECONOMIC ACTIVITY INDEX
DALLAS/January 20, 2011 – Comerica Bank’s Michigan Economic Activity Index held flat in
November, at a level of 87 for the fourth time in five months. November’s level is up 16 points, or 23
percent, above the cycle low of 71 reached in July 2009. Year-to-date the Index has averaged a level of
85, up 11 points, or 15 percent, from the average for all of 2009.
“Our November Index reading reinforced the flat trend that has emerged in the Michigan economy over
the past five months,” said Dana Johnson, Chief Economist at Comerica Bank. “Growth in Michigan
over the 11 months to November has been sluggish and uneven. Looking ahead to 2011, the Michigan
economy is poised to make modest gains, fueled by increases in auto production and sales, and against a
background of gradually accelerating national growth.”
MICHIGAN ECONOMIC ACTIVITY INDEX2004 = 100
70
75
80
85
90
95
100
105
110
Ja
n-0
0
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Ja
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The Michigan Economic Activity Index equally weighs nine, seasonally-adjusted coincident indicators of
real economic activity. These indicators reflect activity in the construction, manufacturing and service
sectors as well as job growth and consumer outlays. A complete Index history is available upon request.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), a
financial services company headquartered in Dallas, Texas, and strategically aligned by three business
segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica
focuses on relationships, and helping people and businesses be successful. In addition to Michigan and
Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses
operating in several other states, as well as in Canada and Mexico.
To receive this Index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
###
Media Contact: Data Contact:
Dana Johnson Meaghan Derrick
Senior Vice President and Chief Economist Research Assistant
(214) 462-6839 / [email protected] (214) 462-6815 / [email protected]
Michigan Economic Activity Index
Market SnapshotBank Owned vs. Non-Bank Owned | 4th Q 2010
Views and Visits
20%
15%
10%
5%
0%
Website Activity Report | 4th Q 2010 Hitwise National Broker Ranking ranked by visitsThis chart shows each website’s share of internet visitors for the State of Michigan. RealEstateOne.com (as well as MaxBroock.com and JJRealtors.com) month after month generate more website activity than any other real
estate brokerage site in the state. The benefit for buyers is more available properties and more ways to see them (web and mobile), which provides sellers with their biggest benefit — the most buyers viewing their properties.
Real
Est
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Homes Sold Website Visitors
Showing AppointmentsOpen House Attendance
Homes Sold & Website Visitors
Open House Attendance & Showing Appointments
-
1,000,000
2,000,000
3,000,000
-
5,000
10,000
15,000
20,000
25,000
30,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
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Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2009 2010
*does not include least transactions
0
2000
4000
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10000
12000
Under 99K
100K - 149K
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600K & Over
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100
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Under 99K
100K - 149K
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600K & Over
0
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Under 99K
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Under 99K
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600K & Over
0
1000
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3000
4000
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6000
Under 99K
100K - 149K
150K - 199K
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250K - 299K
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600K & Over
0
100
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Under 99K
100K - 149K
150K - 199K
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100
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Under 99K
100K - 149K
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1000
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Under 99K
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1000
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Under 99K
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600K & Over
Addison Twp./Leonard 54 -15.6% $183,700 11.8%Auburn Hills/Lake Angelus 210 -5.0% $75,000 27.1%Berkley 262 3.6% $100,000 3.1%Beverly Hills 178 30.9% $184,000 1.1%Bingham Farms Vlg. 15 15.4% $210,000 2.4%Birmingham 494 13.6% $229,000 -1.4%Bloomfield Hills 77 10.0% $411,000 14.2%Bloomfield Twp. 667 25.6% $233,000 5.9%Brandon Twp. 154 4.1% $132,500 11.4%Clarkston 31 55.0% $97,000 -5.3%Clawson 180 10.4% $89,050 14.3%Commerce Twp. 510 1.6% $152,500 13.8%Davisburg/Springfield Twp. 160 -10.6% $163,900 17.2%Farmington 129 -7.2% $110,000 -3.1%Farmington Hills 956 8.3% $135,500 -9.1%Ferndale 433 -10.7% $43,500 1.2%Franklin Vlg. 45 0.0% $290,000 13.8%Groveland Twp. 48 -18.6% $127,500 -20.3%
Hazel Park 392 -4.6% $18,000 5.9%Highland Twp. 197 -10.0% $117,500 -8.2%Holly Twp./Vlg. 192 -6.8% $79,080 6.2%Huntington Woods 88 11.4% $207,000 3.5%Independence Twp. 441 13.7% $160,000 6.0%Keego Harbor 54 -19.4% $42,265 -15.5%Lake Orion Vlg. 50 -5.7% $80,200 23.4%Lathrup Village 78 -33.3% $86,500 14.6%Lyon Twp. 180 3.4% $190,000 5.6%Madison Heights 426 -5.8% $43,130 -0.9%Milford Twp./Vlg. 195 10.8% $171,350 0.9%Novi/Novi Twp. 671 16.9% $177,750 -4.0%Oak Park 486 -11.5% $37,850 8.1%Oakland Twp. 218 23.2% $300,000 7.5%Orchard Lake Vlg. 24 -7.7% $533,750 102.6%Orion Twp. 401 3.4% $143,400 -6.3%Ortonville Vlg. 14 -33.3% $90,000 20.0%Oxford Twp./Vlg. 279 1.5% $154,840 10.7%
Pleasant Ridge 44 10.0% $187,700 23.1%Pontiac 811 -17.6% $12,500 8.7%Rochester 184 23.5% $202,250 -7.8%Rochester Hills 891 21.1% $179,000 10.5%Rose Twp. 63 3.3% $124,000 3.4%Royal Oak/Twp. 999 2.5% $110,588 0.5%South Lyon 182 -4.2% $101,250 -5.8%Southfield/Twp. 1097 -21.8% $51,000 13.3%Sylvan Lake 30 87.5% $100,000 40.7%Troy 808 9.9% $164,000 -3.2%Walled Lake 108 -3.6% $63,000 -0.4%Waterford 1128 1.6% $68,000 4.6%West Bloomfield 949 17.6% $160,000 -3.0%White Lake Twp. 359 -5.3% $128,000 11.1%Wixom 127 6.7% $140,000 -4.8%Wolverine Lake Vlg. 72 14.3% $104,000 9.5% Totals: 16841 2.0% $144,136 8.4%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Oakland County Market Trend
LIVINGSTON
OAKLAND MACOMBWAYNE (excludes City of Detroit)
WASHTENAWThese charts show the changes in market activity by price category over the past three years. This data provides sellers with a feel for expected market activity based on their price point. In all markets the under $100,000 price range represented the largest segment.
Home Sale Distribution by Price Range
8000
2010 Sold 2009 Sold 2008 Sold
Oakland County Market Trend
11001000900800700600500400300200100
0
$60
50
40
30
20
10
0
$160140120100806040200
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
10
8
6
4
2
0
Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-100,000 above $100,000
800700600500400300200100
0
25
20
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=
=
=
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
=
Months supply computed with a seasonal multiplier.
In a Seller’s market, Buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a Buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in month 1 not month 18.
Oakland County | market inventory report detail | oct-dec 2010
*Buyer’s Market No sales this period in area and price range.
Macomb County Market Trend
400
300
200
100
0
$50
40
30
20
10
0
$120
100
80
60
40
20
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Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-100,000 above $100,000
800
600
400
200
0
25
20
15
10
5
0
8
6
4
2
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Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11
JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11
JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11
JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11
JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11 JAN 09 MAR 09 MAY 09 JUL 09 SEPT 09 NOV 09 JAN 10 MAR 10 MAY 10 JUL 10 SEPT 10 NOV 10 JAN 11
=
= =
Months supply computed with a seasonal multiplier.
In a seller’s market, buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in Month 1 not Month 18.
*Buyer’s Market No sales this period in area and price range.
Armada Twp. & Vlg. 75 38.9% $102,000 17.1%Bruce Twp. 44 2.3% $205,000 28.1%Center Line 102 -11.3% $30,000 0.3%Chesterfield Twp. 676 4.5% $85,000 -9.9%Clinton Twp. 1190 -1.4% $65,000 5.2%Eastpointe 691 -19.5% $26,000 0.9%Fraser 182 -3.2% $67,000 6.8%Harrison Twp. 351 -6.4% $69,905 7.5%Lenox Twp. 31 0.0% $92,600 -5.5%Macomb Twp 957 -2.0% $167,900 -0.1%Mt. Clemens 261 -4.0% $28,000 12.3%New Baltimore 172 -11.8% $107,500 -14.0%New Haven 66 -24.1% $75,950 -0.7%
Ray Twp. 25 25.0% $114,000 -13.6%Richmond &
Richmond Twp. 117 -7.9% $92,000 4.0%Romeo 61 8.9% $71,000 7.7%Roseville 811 -17.7% $26,000 -7.1%Shelby Twp./Utica 746 11.2% $129,400 -7.2%St Clair Shores 1026 1.2% $55,278 2.4%Sterling Heights 1317 -0.5% $99,000 -1.0%Warren 1600 -9.1% $54,273 5.5%Washington Twp. 247 -1.2% $80,000 -53.4% Totals: 10748 -4.5% $83,764 -3.5%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Macomb County | market inventory report detail | oct-dec 2010
Livingston County Market Trend
180
140
100
60
20
%130
100
70
40
10
=
Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-100,000 above $100,000
90
70
50
30
10
25
20
15
10
5
0
20
15
10
5
0
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
$60
50
40
30
20
10
0
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
=
=
Brighton 134 14.5% $128,500 7.6%Brighton Twp. 225 21.6% $168,000 -1.2%Cohoctah Twp. 34 -20.9% $92,250 -10.4%Conway Twp. 47 -4.1% $110,000 15.8%Deerfield Twp. 59 78.8% $134,000 34.0%Fowlerville Vlg. 43 -4.4% $76,900 21.1%Genoa Twp. 273 9.2% $172,000 12.6%Grass Lake &
Grass Lake Twp. 17 -5.6% $153,219 -1.3%Green Oak Twp. 239 21.9% $169,000 0.5%Hamburg Twp. 295 8.1% $159,900 -2.5%Handy Twp. 65 -21.7% $100,000 -6.1%Hartland Twp. 168 -5.1% $169,900 9.6%
Howell 134 21.8% $69,500 -17.8%Howell Twp. 114 7.5% $67,900 -18.9%Iosco Twp. 46 -16.4% $120,000 -5.7%Marion Twp. 131 -7.1% $145,000 3.6%Oceola Twp. 165 -2.4% $140,000 -6.7%Pickney Vlg. 23 -28.1% $117,500 1.7%Putnam Twp. 58 -27.5% $130,550 1.8%Stockbridge &
Stockbridge Twp. 16 0.0% $88,125 -24.8%Tyrone Twp. 122 11.9% $138,500 -8.3%Unadilla Twp. 35 -23.9% $75,000 -5.3% Totals: 2443 4.7% $123,897 -0.1%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Livingston County | market inventory report detail | oct-dec 2010
Months supply computed with a seasonal multiplier.
In a seller’s market, buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in Month 1 not Month 18.
Washtenaw County Market Trend
$200
150
100
50
0
=Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-200,000 above $200,000
300
250
200
150
100
50
0
25
20
15
10
5
0
15
10
5
0
200
150
100
50
0
$100
80
60
40
20
0
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
=
= =
Washtenaw County | market inventory report detail | oct-dec 2010
Ann Arbor Condo 880 20.1% $139,963 52.5%Ann Arbor Residential 1246 -0.6% $275,248 25.4%Chelsea 208 7.8% $167,675 15.4%Dexter 242 8.5% $247,633 10.3%Grass Lake 40 -11.1% $145,780 10.4%Manchester 64 -4.5% $108,201 -17.1%Milan 180 9.8% $104,281 9.5%
Pinckney 390 -5.1% $150,346 5.1%Saline 352 -5.6% $254,322 15.4%Ypsilanti 405 -12.9% $77,041 24.4% Totals: 4007 2.0% $167,049 14.1%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Residential data only
Months supply computed with a seasonal multiplier.
In a seller’s market, buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in Month 1 not Month 18.
Wayne County Market Trend
$60
50
40
30
20
10
0
$150
100
50
0
=
Number of Homes Sold
Average Price Per Square Foot
$1-100,000 above $100,000
700600500400300200100
0
20
15
10
5
0
10
8
6
4
2
0
400
300
200
100
0
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
= =
Belleville 51 10.9% $79,950 -3.1%Canton 1047 4.6% $152,000 -1.9%Dearborn 1752 17.7% $52,000 -8.8%Dearborn Heights 1150 -1.0% $50,000 7.2%Garden City 481 -4.9% $47,000 11.2%Huron Twp. 162 14.9% $134,300 3.3%Inkster 304 -30.0% $12,550 4.6%Livonia 1127 3.6% $104,900 -6.3%Northville/Northville Twp. 482 15.0% $277,140 4.3%Plymouth/Plymouth Twp. 440 0.2% $167,270 -5.6%Redford 1029 -6.0% $35,000 2.9%Romulus 315 -35.2% $39,000 -4.2%
Sumpter Twp. 99 -22.7% $79,500 32.5%Van Buren 384 -9.2% $115,000 4.5%Wayne 257 -10.8% $29,100 11.9%Westland 1036 -18.2% $55,000 0.0% Totals: 10116 -2.8% $89,357 1.7%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Wayne County | market inventory report detail | oct-dec 2010
Months supply computed with a seasonal multiplier.
In a seller’s market, buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in Month 1 not Month 18.
City of Detroit Market Trend
$12
10
8
6
4
2
0
$60
40
20
0
=
Average Price Per Square Foot
Months Supply of Inventory
$1-25,000 above $25,000
1200
1000
800
600
400
200
0
454035302520151050
8
6
4
2
0
140120100806040200
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
=
The Grosse Pointes Market Trend
$60
50
40
30
20
10
0
$200
150
100
50
0
Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-200,000 above $200,000
250
200
150
100
50
0
35302520151050
15
10
5
0
=
50
40
30
20
10
0
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
= =
=
=
Downriver Market Trend
$454035302520151050
$100
80
60
40
20
0
=
400350300250200150100500
25
20
15
10
5
0
876543210
160140120100806040200
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
Median value changes reflect both the change in home value as well as the change in the type of homes purchased in that area. They should not generally be interpreted as the true value change in any given market. Source: RealComp II, MIRealSource, Ann Arbor MLS
DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10 DEC 08 FEB 09 APR 09 JUN 09 AUG 09 OCT 09 DEC 09 FEB 10 APR 10 JUN 10 AUG 10 OCT 10 DEC 10
Most recent 90-day trendMost recent 90-day trend
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendn For Sale n Sold
Most recent 90-day trendMost recent 90-day trend
Number of Homes Sold
Average Price Per Square Foot
Months Supply of Inventory
$1-75,000 above $75,000
=
=
=
Allen Park 359 -0.6% $64,000 -7.2%Brownstown Twp 337 2.7% $125,960 0.7%Ecorse 86 -14.9% $8,556 22.2%Flat Rock 93 -17.7% $80,000 -10.1%Gibraltar 57 72.7% $90,000 14.9%Grosse Ille 147 20.5% $176,700 13.7%Lincoln Park 641 -23.0% $26,000 8.3%Melvindale 164 -21.5% $26,025 13.2%River Rouge 59 -35.2% $8,000 45.5%Riverview 106 -2.8% $73,975 0.0%Rockwood 39 69.6% $49,000 -7.7%Southgate 338 -12.2% $55,222 -5.4%Taylor 791 -15.8% $35,000 16.7%
Trenton 224 3.2% $77,250 3.0%Woodhaven 150 5.6% $80,000 -20.8%Wyandotte 313 -17.6% $48,000 10.0% Totals: 3904 -11.0% $63,981 1.2%
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
2010 09/10 2010 09/10Selected Cities Sales % Chng Median % Chng
Downriver | market inventory report detail | oct-dec 2010
Months supply computed with a seasonal multiplier.
In a seller’s market, buyers must still be willing to act quickly with a strong offer. For sellers, gauge your negotiating strength by the number of showings you are getting.
Watch market conditions. Normal markets tend to be a short term transition towards either a buyer or seller market. Reevaluate your marketing strategy and price every 30 days.
In a buyer’s market, balance the best combination of price and terms to insure your house is sold in an acceptable timeframe. If there is an 18-month supply of homes, make sure your home sells in Month 1 not Month 18.
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