The Green Oak market is subsumed into the Brighton Market in the Altos Research statistics, which is OK since Green Oak is more or less a bedroom community that feels a lot like a suburb of Brighton. So the chart below has both the Brighton and Green Oak sales included in the data.
As you can see, this area experienced that same double-dip bounce as the ones that I reported on last week. There was a big apparently rise in the median prices of sold homes near the end of the year, followed by an equally dramatic fall again at the end of the year and into 2011. That was caused mainly by the pause that the big banks went through on foreclosures after the legal brouhaha last fall. When the banks stopped foreclosing and dumping those homes on the market, more and more normal home sales took place, which drove the median sold price up. As soon as they resumed normal foreclosure activity the median sold price dropped again. The decline in inventory continued a downward slide thorough out the year.
It turns out that Hartland is invisible to Altos Research, or at least there is now way that I can find to designate Hartland as an area to be charted. so, no chart for Hartland. I would be surprised if it showed any difference anyway. Most of the Hartland market has been in distressed homes, so it would have had the same issues with the foreclosure moratorium at the end of last year. So far this year Hartland is running about 60% distressed homes sales.
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