So...How's the market?

As a Realtor I get the old “How’s the market?” question all the time. I’ve lately resorted to replying that “it’s all over the place.” I only track eight, relatively small markets, each comprised of the properties in a single township (there are some villages and small cities that are encompassed by the townships), and I see everything from a booming market in one township to a still depressed market in another and everything in between. Even the things that I want to classify as consistent across those markets are not really consistent.

South Lyon is a booming market, while Highland and White Lake are still both in the dumpster with still declining property values and a high percentage of distressed sales in their mix. The Milford and Brighton Markets (which really encompasses Green Oak and Hartland) are doing OK, but still show a higher percentage of distressed sales that is healthy. West Bloomfield is still experiencing a high level of distressed sales and lower sales overall that last year. The Commerce market is sort of transitional market between the higher density of West Bloomfield and the more rural feel of Milford (et. al.) to the west. Commerce is doing OK; but, sale volume is lower than last year and Commerce still has a higher rate of distressed sales than some of the better outlying suburbs.

One thing that I can say with certainty is that now is the tie to jump in and test the market, if you’ve been waiting for things to turn around. The value that has been lost isn’t going to come back quickly; however, values have stabilized and started back and there is a shortage of listed homes right now, so buyers are bidding up prices. Waiting isn’t going to significantly increase what you can get for your house, but it may become harder to sell when more homes are listed; so get in now.