I just posted the updated sale numbers for May on my Move To Milford web site, but before you rush off to see them, let's see how good your feel for the market in this area is. Below are a series of questions that can be answered by looking at the stats posted on the Move To Milford site.
1. Match up the market area with its current statistic for distressed home sales and a percentage of overall sales, where "distressed sales" are defined as foreclosed homes and short sales -
Milford Commerce White Lake Highland West Bloomfield
40% 68% 34% 56% 53%
2. Which has the higher average sale price so far in May, Commerce or West Bloomfield?
3. Which market has the higher average cost per Sq Ft, White Lake or Highland?
4. Which market currently has the shorter median days-on-market (indicating quicker sales), Milford or South Lyon?
Understanding the statistics within a market area that you may be looking in or in which you may be ready to sell can help you make a better offer or help you price you home better to the market.
In general the answer to the Title question for this post is that the market has flipped over to a seller's market, with many homes receiving multiple bids and prices holding fairly firm at or in many cases above the asking price. There is every indication that the pent up demand that has been building in the market is now showing itself; however, home owners who aer still underwater on their mortgages are holding back from the market causing a shortage of inventory. We are now down to about 4 months supply locally, whereas a 6 months supply would be considered a balanced market.