The latest Case-Shiller report, which includes data through the end of December, 2012, confirms that the country is generally on an upswing for housing. Detroit joined four other locales with double digit home value increases year-over-year in the attest report. The chart below shows the overall US market index for 20 cites and 10 cities.
Topping the Case-Shiller list is Phoenix with a 22.8% increase in values compared to December of 2011. Phoenix was one fo the hardest hit areas in the country, so they are starting back from a deep hole. Next up was San Francisco with a 12.7%, followed by Detroit with an increase of 11.9%. Remember that Detroit too dug itself into a deep hole, with property value losses of as much as 60-70% off the peak. Next came Minneapolis at 11.1% value growth year-over-year and finally, rounding out the top five was Las Vegas at an even 10% gain. You can see the entire report by clicking here.
It’s always nice to get confirming reports about things that I think I’m already seeing and reporting. The Case-Shiller Report always trails the market by a month or two and thus provides that good “looking back” perspective on the market.
Locally our issue is now more about lack of inventory that about low home values. Many people are still under water on their mortgages; but, many more are starting to realize that they may be OK on their home’s value and that it’s time to come out of the bunker and take a look at the market again. If you haven’t had a market analysis done by a real estate professional within the last 3 months, you are sadly out of date on the potential market value of your home.
Home owners who have been putting off plans to move or downsize should definitively take a quick look to see where they are in terms of their home’s value. Call me today. The Market Analysis is free and you’ll also get some good free advice about anything that you may need to do to get your home ready for the market now or later. Call 248-763-2497.
If you want to see what homes in the markets that I focus upon have been doing, go to www.movetomilford.com and click on the “What have homes in this area sold for?” I just posted the final numbers for January late last week. There is also 5 years-worth of sold homes data there month by month.