Tuesday, February 19, 2008
The stats are out...
I keep track of quite a few statistics for the little area right around Milford, in which I do a majority of my business. I track sales and the active inventory numbers for Milford (Township and Village) and the Townships of Highland, Commerce, White Lake and West Bloomfield on a Days On Market (DOM) chart that is updated weekly. For Milford, Highland, White Lake and Commerce Townships I actually track what has sold each week and report the details on things like the % of the sold price vs. the asking price, the days on market for each house and the ratio of sold price to recorded SEV value, which for February is averaging about 1.3470. I also look at what percentage of the sales involved houses that were foreclosures - in February, so far, that is running at 71%.
My company - Real Estate One - tracks the whole five-county area of southeastern Michigan and reports out on sales activity by quarter for that area. The Q4 numbers for 2007 were just posted. That report shows the sales by $100,000 price bands for each Township. Also shown are the active inventory at the end of the report and a calculated number to represents how much time it might take to sell off that inventory at the then current rate of sales - I call that the Market Velocity. I have put all of those reports on my Web . site - themilfordteam.com.
You can go there to see the market statistics on Oakland, Macomb, Livingston, Wayne and Washtenaw Counties.
I'm not a statistics fanatic, but I do believe that you can spot trends in the statistics if you look at them over time. That's why, for 2008, I have a series of charts that is updated weekly that shows the number of houses that have sold, the median asking vs. sold prices, the active inventory and average days on market for that inventory and the projected number of months of inventory for the area that is covered by Milford, Highland, Commerce, White Lake and West Bloomfield Townships. As the year goes along we should be able to see what direction the market is taking, if any in those townships.
So visit any of my Web sites and there will be links there to these statistics. Hopefully that will just be a small part of what you find useful about the sites. I devote quite a bit of time keeping them up and trying to make the content meaningful for visitors. The entire real estate process for buying or selling is laid out in a Frequently Asked Questions (FAQ) section that is accessible from any of my sites. Then there are special sections to deal with things like foreclosures (from both a seller's and buyer's perspective), divorce and real estate, buying historic homes, and financing and insuring your new home and much more. My site MIHomeBuyer.com is oriented towards the first-time buyer and the specialty site MoveToMilford.com is just what it sounds like it would be - a site dedicated to information about Milford, Michigan, for those who might be moving into the area around our quaint little Village.
Visit all three and if you have suggestions for things that you’d like to see on a real estate site, let me know and I’ll see if I can add that to one or more of my sites.