Hey, dad; what's goin' on? I always get that opening line when my son calls, which I take to be sort of the "Hey, how are you?" line of his younger generation. So I thought I'd post a few answers to that question over the next few days about what's goin' on in the real estate markets that I tend to focus upon and cover - starting with the Milford market.
What's going in on in Milford (Township and Village) is a continuation of the loss of value that we've been seeing for some time. There was a spike upward at the beginning of the year, driven by the first-time buyer tax credit; however once that ended the marker fizzled out. See the chart below to see the trends in both Median sold prices and the inventory on the market.
The Milford market rose a bit in Q2, but fell again when the tax credit expired. So far in 2010 there have been 78 houses sell in Milford Village and Township, with an average sale price of $184,911 and a median sale price of $188,200. Homes that sold averaged 122 Days on the Market (DOM).
What does this all mean? Is this good or bad? Well, it's not all good or bad. The good news is that prices have held up fairly well in the Milford market. The bad news is that they have held up because so few are selling, due to the high prices. Compared to surrounding markets, Milford prices took less of a hit, but Milford sellers also sold many fewer homes than sold in most surrounding markets. The Milford sold properties cost per square foot is higher than most surrounding markets and the sold price to SEV value ratio is higher. The days on market (DOM) average is a little higher in Milford that most surrounding markets, which means that it takes a while longer to sell.
To see all of the market charts and statistics for Milford and the surrounding markets, visit my Move to Milford web site and look for Real Estate Statistics. I track local sales on a weekly basis and have statistics on line for the local markets going back 3 years. Ther eis no better local place for good, solid, local real estate statistics.