This first chart looks at the trend over the year in median home sales prices (down, then back up near the end of the year) and the inventory that is sitting on the market (up through most of the year with a big drop at the end). Some of the drop in inventory can be attributed to the big rush in September and October to buy in time to qualify for the first-time buyer tax credit.
This chart shows a derived index value that the Altos Research folks call the Median Market Action Index, which measures how hot the market is in terms of sales activity level. It also shows the Average Days On Market (DOM). So, we had a spike again in market activity in the September October time frame, followed by a dramatic falloff in activity. Over the year the time it took to sell also stretched out from about 230 days to over 280 days.
By the way, the Altos Research folks define any market that has a Median Market Action Index below 30 (the scale goes from 0 to 100) as a buyers market, so obviously we spent the entire year well below that break point.
See all of the charts fro the six townships that I watch, plus Brighton, on my Milford Team Web site on the Markets Statistics Page.
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