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Tuesday, March 2, 2010

Local Market YTD Stats Now Available...


As most readers of this blog know by now, I track home sales in the six local townships (and the villages and cites contained within them) that make up what I would consider to be my little market area - Milford (including the Village of Milford), Highland, Commerce, White Lake, Lyon (Including the City of South Lyon) and Brighton (including the City of Brighton). I report weekly on what has sold within the current month in those markets. The report for February may be found at any of my real estate sites - http://www.themilfordteam.com/, http://www.movetomilford.com/ and http://www.mihomebuyer.com/ by clicking on the Real Estate Statistics choice.

Now I have added running Year-To-Date (YTD) reports for each of those market areas. Just scroll down to the bottom of the current months report and there are links to those reports, which are in PDF format. Some of the things that I track are the asking (listed) prices vs. the actual sold prices (and the % of sold to asking), the sold price vs. the current SEV (and what the multiplier was) and the asking price per Sq Ft and sold price per Sq Ft. I also do the calculations of the medians and averages for all of those sales, so that you can see what a reasonable price to pay might be in each area.

Now, I will admit that foreclosures and short sales are having an overwhelming effect on the statistics, since they currently make up 73% of all sales, but that i just the reality of our local markets. I only began tracking these statistics at this level of detail this year, so I can't chart much out yet, but as time passes and more data is available I'll be doing some graphs to show any month-to-month trends that might be emerging. I do have more than two years worth of past sales reports available through links on that same page; however, there have been slight changes to the areas that I reported on for a while and the statistics that I've calculated.

So, visit one of my sites and take the time to take a look at what's available there for you to better understand the local market. There are also some other great reports, like the recent Real Estate One report on 2009 and trends for 2010, as well as the latest Case-Shiller Report and more. It has always been my belief that a well informed client base is best for me and for you. If you're a buyer, you can look at the Days On Market report that is there to see which areas have inventory in the price range that you are seeking and how long that inventory has been sitting on the market. If you are considering selling, the data there can help you better understand what you home might be worth or at lease give you some backup for the Market Analysis that I'd be happy to do for you.

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