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Sunday, February 21, 2010

The real estate market in Commerce Twp, Michigan

Commerce Township is one of the two markets in the areas that I track that had a turn around in the trend line of Median Home Prices - turning upward in early January, 2010, and still tracking in that direction as of today.

Real Estate Market Chart by Altos Research www.altosresearch.com

The inventory line for home in the Commerce Township area is still trending downward and that's a good thing, since it helps to stabilize home prices. This may mean that Commerce Township has worked off its overhang of foreclosed homes and is now returning to a more normal market.


In February, as of last Sunday, there had been 14 sales and 74% of them were foreclosures. There had been 36 sales so far in 2010 at a median sale price of $185,500 and with a Days on Market average of 153 days. There were 246 homes on the market as of last Sunday at a median listed price of $239,900.

For all of the statistics that I collect on the Commerce Township market and the other five markets that I track weekly (Milford, Highland, White Lake, Lyon/South Lyon and Brighton Townships), go to my Web site www.themilfordteam.com and click on the Real Estate Market Statistics link. You will also find there a link to the monthly details of what has sold in each township, which I also update weekly. That report will give you things such as the asking price vs sold price and the sold price vs. the SEV. It also shows the asking price cost per square foot and the sold price cost per square foot - good data to have for a market area if you are shopping for a house or about to list a house.

I also track the Days on Market averages and the inventory levels for each market, sorted and displayed by $100K price bands. That is good info too, since it can show you which areas have the most homes that might fit your needs and how long they are sitting on the market (and thus the sellers willingness to negotiate with you).

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Norm Werner is a full-time, full-service Realtor working out of the Milford office or Real Estate One, Michigan’s largest and most successful real estate company. To learn more about Norm or the local real estate market in the Milford, Michigan area visit one of his Web sites listed below:

For buyers and sellers –
www.themilfordteam.com
For first-time buyers – www.MIHomeBuyer.com
For people moving to Milford, Michigan – www.MoveToMilford.com
For people in distress with their home – www.MIShortSales.net

For people interested in the history of Milford Michigan, visit
www.milfordhistory.org

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