Recent sales trends indicate that the market is stable and in many cases improving. August was a banner month in Royal Oak with unit sales increasing by 44.7% and the median sales price increased by 9.1%.* We now have a plus for the year to date and we expect that trend to continue. The last number is very good news for property owners who have seen values decline for the past 5 plus years.

Other nearby communities also had a good month. Birmingham was plus 7 % and median sales price increased by 27%. Clawson was plus 18% and median sales price increased by 12%.

Overall demand is strong but inventories are slightly down from 2010. Sellers who may have been waiting for the right time may want to consider testing the market. Interest rates remain very attractive and we have seen employment stabilize. Recent automobile sales for all the Detroit 3 car makers show positive trends as well.

There are still several good weeks of fall weather remaining and buyers can be moved in before the Holidays if they act soon.  I have seen several great homes from Ferndale to Birmingham and Royal Oak to Beverly Hiills in the past month. Many of these are " move in ready" for the first time buyer. 

 *From RealcompOnline August report.