April 2011 redux...

The month of April 2011 was perhaps a tuning point in the process of recovery in the Southeastern Michigan real estate market. The results for April, 2011, in six local markets that I have been tracking for over a year are shown below, along with up-to-date Altos Research charts of the median sales prices and inventory for those markets. If you looked at the numbers by themselves you would not see the turnaround in four of the six markets.


Milford


Number of homes sold (above $20K) – 18
Percentage of sales that were distressed – 35%
(foreclosures or short sales)
Median Sale price - $240,000
Average SEV multiplier – 1.9174
Average sold $/Sq Ft - $112


The Altos Research chart for Milford –




Let's hope that was an inflection point in April and that the Milford Market has turned the corner. Distressed sales are well below 50% and the $/Sq Ft and the SEV multiplier numbers are the strongest in the area. Of course some of that is due to stubbornness on the part of sellers who refuse to drop prices to sell. That's why this is such a small market right now.



Highland


Number of homes sold (above $20K) – 15
Percentage of sales that were distressed – 53%
Median Sale price - $175,000
Average SEV multiplier – 1.8280
Average sold $/Sq Ft - $97


The Altos Research chart for Highland –




Highland (along with White Lake) continues it's role as a poster child of the bad market. Distressed Sales still made up over 50% of total sales, although the $/Sq Ft statistic was up in April.

Commerce


Number of homes sold (above $20K) – 51
Percentage of sales that were distressed – 51%
Median Sale price - $138,500
Average SEV multiplier – 1.5662
Average sold $/Sq Ft - $74


The Altos Research chart for Commerce –




Commerce continues to be a roller-coaster ride for would be sellers, but it is currently on an uptick, both in sold Median Prices and Inventory levels. Hopefully that is a harbinger of a better summer selling season; although Distressed Sales still make up too much of this market.


White Lake


Number of homes sold (above $20K) – 27
Percentage of sales that were distressed – 67%
Median Sale price - $148,000
Average SEV multiplier – 1.5590
Average sold $/Sq Ft - $69


The Altos Research chart for White Lake –




The chart shows White Lake to be a market that is still in serious distress. After and end of year recovery of sorts last year, things have been consistently down in 2011. That is consistent with the numbers for SEV multiplier and the $/Sq Ft.



South Lyon/Lyon Twp


Number of homes sold (above $20K) – 16
Percentage of sales that were distressed – 31%
Median Sale price - $200,500
Average SEV multiplier – 1.7587
Average sold $/Sq Ft - $82


The Altos Research chart for South Lyon –




Inventory is headed up while Median Sold Prices are falling, an indication that all is still not well in this market.

Brighton (City and Twp)


Number of homes sold (above $20K) –23
Percentage of sales that were distressed – 39%
Median Sale price - $150,000
Average SEV multiplier – 1.6233
Average sold $/Sq Ft - $88


The Altos Research chart for Brighton –





The Brighton Market is one of the few in the area that is headed in the right direction, with both median sold prices and inventory headed up.