In this second chart, all three markets - Milford, South Lyon and Brighton Townships appear to have turned the corner and headed back up. Is this cause for real optimism or just a temporary tease?
It appears to be too early to tell for sure. The trends showing rising Median Sales Prices are only a few weeks old, so these could be anomalies caused by the rush of buyers to get in on the tax breaks that are available.
The charts below tell the tale of the continuing drop in market inventory, which is also contributing to rising prices. The downward trend in inventory should run smack into the spring listing rush soon, as potential sellers put their homes on the market when the weather warms up.
Only the Brighton market has stopped falling, in terms of inventory. Maybe spring arrived early there.
These last stats to look at is the average Days On Market (DOM) for these markets. DOM is a good indicator of whether or not we are in a normal market or still in a buyers market.
Four of the six markets have flattened out or started down in terms of the average DOM. That's certainly an indicator that the falling inventory is having an impact and that the markets are headed back towards more balance. That's good news for potential sellers and should be a heads up to buyers that they need to act quickly to take advantage of the current buyer's market.
These charts from Altos Research are live and automatically updated each time they are accessed, so you can return here to watch these trends develop. Only time will tell if we were just being teased or whether we are looking at the long anticipated turnaround in these local real estate markets.
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