I get that question a lot, so I want to show you some of the the charts that I keep on my Web sites and invite you to visit them as often as you'd like to keep up on the market. Below is a chart for the Milford Market, both the Township and the Village, that shows a couple of data trends - one for the median price that homes are selling for in that market and one for the amount of inventory on the market. These charts are dynamic, so they are up to date whenever you look at them.
As you can see, home values in the Milford market are continuing on the downward trend line that has been the hallmark of this market for the last 3 years, with o end in sight. The inventory level is also dropping, which is maybe a good thing, since that means that we are working off the overhang of foreclosed properties in this market.
So how does this market compare with others around it? Is it all doom and gloom everywhere these days. Not necessarily. You can see all of the charts that I keep for the six Townships that I track on a weekly basis - Milford, Highland, White Lake, Commerce, Lyon/South Lyon and Brighton - at my Milford Team Web site. Here is another example, in this case for Commerce Township -
You can see from this chart that the value decline actually turned around in mid-January and has started back up. Will that trend hold and does it portend things to come for the whole market? Only time will tell, so keep going to my Web site and checking on that.
Another thing that I track on a weekly basis are the sold homes in those 6 Townships. I report that data on my Move to Milford Web site, but it is also available at the Milford Team site - click on the Real Estate Market Statistics choice on the home page and then on "What's Sold Recently in the Area Market" choice on that Statistics page . I not only report on what has sold, but calculate and show the averages and median values for such things as the listed prices the sold price, the value per Sq Ft (both listed and sold) and the Days on Market of sold homes. That's good information to have as you shop for homes in those areas.
There's lots of other good data and information available on hose two site. I also track things like the Days on Market and Inventory levels in those six markets and show that data in $100,000 price bands on a PDF charts at http://www.themilfordteam.com/DOM_Chart.pdf
I need to update that chart this week, but it too gives you a valuable insight into those markets. So, if you like to see the data and the trends in those market areas, visit my sites often, If you have questions or suggestions for other things that you might want to see, send me an email.