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Thursday, January 17, 2013

Market Report for January 2013


 
Norman, W Werner
248-763-2497
 
Michigan Monthly Market
Report – January 2013
 
December ended the year with strong
momentum (our strongest month of the
 year seasonally adjusted), carrying about
20% more buyer interest into 2013 than
we had going into 2012. Buyer demand
will build as those who were forced to sell
and rent are now coming back into the
market to buy, along with stronger
economic growth.  An offset to that
increase will be additional inventory as
prices rise to meet the target home values
 many Sellers have been waiting for, as
well as more investors begin to put their
homes on the market.
 
In spite of an increase in homes for sale,
we can expect an inventory shortage
throughout 2013. Buyers will have to be
more creative and will need to make some
compromises in their home searches.
 
Ideally, you want to buy a home that will be
the easiest to sell; updated, homogeneous
design to the area, good schools, not too
remote, etc. However, that is the same advice
every-one is given, so those homes sell fast
and they do sell for a premium. Nonetheless,
 if you can find one, buy it! With today’s
prices, that premium still makes sense. That
does not mean you should shy away from the
less than perfect homes. In fact, that is where
the best bargains lay, in those homes that
need some work or are not in the perfect
location. You will sell them for less than the
"perfect" house, but you also may be able to
buy them for a larger discount, so you may
actually come out ahead from an investment
standpoint.
 
The market statistics chart below tells the
story of how far the market has moved since
the end of 2011, with large double-
digit positive changes in most categories.
 
Market Stats: Dec 2011' vs. Dec 2012' –
Southeast Michigan Market Area
2011 Dec'
2012 Dec'
% Change
 
Median Sale Price
$70,500
$92,500
31.21%
 
Average Price per Square Foot
$68
$82
20.59%
 
Average Days on Market
71
65
-8.45%
 
For Sale Inventory
23,600
14,400
-38.98%
 
% of Current Bank Owned Listings
35%
23%
-34.29%
 
Months Supply of Inventory (MSI)
6.3
3.3
-47.62%
 
% of Bank Owned Sales
37%
24%
-35.14%
 
% of homes selling over List Price
18%
30%
66.67%
 
Median Price Bank Owned
$50,000
$60,000
20.00%
 
Median Price Non-Bank Owned
$88,250
$112,500
27.48%
 
 
If you would like more information on
the market, like to list your property, or want
information on any property with any broker,
you may call or email at any time.
Thank You,
 
Norman, W Werner
Put my team to work for you
P: 248-763-2497
normwerner@comcast.net
http://www.movetomilford.com

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