Last night I was watching the Birmingham City Commission meeting on Comcast and one of the commissioners (it might even have been the mayor) misquoted a statistic that was wrong in the first place. He stated that “10% of Birmingham homes are in forclosure.” He was quickly corrected, or quickly corrected himself, and changed his statement to “10% of the homes in Birmingham are for sale.” Fortunately, neither statement is correct.
I am assuming his source of information is a factually incorrect post on the Birmingham Buzz, in which John McTaggart claims that 11% of Birmingham is for sale based on statistics he found on Realtor.com. I will attempt to set the record straight here.
Some real estate brokerages in Birmingham use two mls’s, MiRealSource and Realcomp. If a home is entered in to both mls’s then it appears twice on Realtor.com, thus falsely inflating the number of homes on the market. Realcomp is clearly the primary mls service provider of choice for Birmingham brokerages, and if one wants correct market statistics Realcomp should be the source of information.
I checked Realcomp this morning and found that there are 727 homes and condos for sale in Birmingham. This is 7.96% of the 9,131 households in McTaggart’s article, and a far cry from the 11% figure that made his headline. Realcomp’s public record data, which is a different database than the MLS information, actually shows me that there are 8,938 households in Birmingham, so I would need to verify this base number with the city.
Regardless, I would be happy to provide accurate real estate statistics to the Buzz any time they need them. Our economy faces enough challenges right now that we do not need to have public officials overstating the issue based on faulty statistics.
[tags]birmingham mi, birmingham mi real estate market, birmingham mi home sales, birmingham buzz[/tags]