Probably one of the most popular questions to ask a Realtor today is how’s the market? A partial answer to this question can be found in the 2010 year-end statistics recently released by the Realcomp Multiple Listing Service.

The table below identifies the sales reported to Realcomp Multiple Listing Service in 2010 and 2009. A number of important and positive trends have emerged. For example, the median sale price in Macomb County rose 3% over the last 12 months. The median sale price in Oakland County rose 13 % over the past 12 months.

The significant difference in the median price of foreclosed and non-foreclosed properties is also notable. There appears to be two distinct bands of pricing for these two ownership categories in our current market.

Another important market trend is the number of homes currently on the market. As of December 31, 2010 the number of single family residential homes and condominiums on the market in Macomb County was down 6 % from the previous year. Oakland County experienced a similar decline in inventory by 23 % over the previous year. Inventory levels represent the balance of supply and demand. A higher supply of homes equates to lower prices while a lower inventory level often translates into rising prices.

If you are buying, w can help you navigate the buying process, locate well priced properties and negotiate the best transaction. Put the number one Century 21 firm to work for you. Contact us anytime for additional information.

William Frohriep, Ph.D.
Sales Manager
Clinton Township Office