This first chart looks at the trend over the year in median home sales prices (Median Sale prices dropped in Q1, then stayed steady for 2 quarters and fell at year end) and the inventory that is sitting on the market (inventory tracked the Median Sale Prices all year with a huge 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, but some may just be people getting discouraged and pulling their homes off the market.
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 down and flat market in Q1 and Q2, with a spike in activity in Q3/Q4 in sync with the first-time buyer push during that timeframe and a big drop off at the end. Over the year the average time it took to sell was like a kiddie roller coaster ride but eventually stretched out from about 215 days to over 270 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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