Southeast Michigan Summary 2016 Southeast Michigan Housing Numbers Up 2016 was a great year for single family home sales in Southeast Michigan. Many factors including location, price range and condition affect the value of individual properties, but in general, the number of homes sold in 2016 was up by four percent and the average [...]
November 2016 Market Update Southeast Michigan Spotlight on Detroit Over the past few years, all the talk about and focus on Detroit has been exciting. Everyone is cheering for our city and so many want to participate in Detroit’s comeback. We are still in the early stages of residential reconstruction but the shortage of [...]
October 2016 Market Report Southeast Michigan Predicting the Next Housing Bubble The 2008 recession took most by surprise. In hindsight, understanding the phases that make up a typical real estate market cycle should give us insight to where our market will move in the future. In his article How to Use Real Estate Trends [...]
Southeast Michigan August 2016 Summary Comparing August to July, inventory of available homes dropped as the market has moved past its peak season. The number of August new pending sales (which will be our September and October closings) was up. Closed dollar per square foot fell off slightly in the under-$500k markets, but was [...]
This summer continues to be good for real estate sales throughout the county and for local Southeast Michigan real estate, in particular. In discussing the 2016 summer market, Jonathan Smoke, realtor.com’s chief economist said, “The best spring in a decade has transitioned into the hottest summer in a decade”, and went on to name [...]
The summer of 16' has followed the same trends as the winter and spring, with inventories remaining tight across all markets under $500,000, particularly in the $100,000-$250,000 segments. Sales are up in most markets above $100,000, as are new listings entering the market, which might start to give some relief to buyers frustrated with [...]
Many consumers are questioning, “Where are we in our housing recovery? At the middle? End? Or are we even heading towards another bubble?” Let's take the “bubble” question first. The potential bubble is rooted in the strength of the overall economy and housing leverage (mortgage balances getting ahead of home values). The indicators we watch for in terms of core economic [...]
Homeowners in SE Michigan have more jobs, money, and equity in their homes than they have had in 10 years, and many who had been financially locked into homes which no longer suited their needs, are now free to move. Southeast Michigan is diversifying and stabilizing its economy with growth in construction, hospitality, financial [...]
March finished with a nice flourish of activity with pending sales (new contracts written in March) up across all price points compared to last March. The pace of new listings entering the market was still slower than last year for properties under $250,000, putting continued pressure on already scarce For Sale inventories. Clean, well-priced homes [...]
Another month of mild winter weather has helped boost both the number of homes sold, as well as the number of new listings entering the market. For the under $250,000 price ranges, the homes sales have risen faster than the new listings, causing a drop in listing inventories. For the over $250,000 markets, new [...]
