Third Quarter 2006 Market Update, Troy, Michigan
Published October 16th, 2006 in Market Updates, Troy MI Real Estate.
We just completed our third quarter check on the real estate market in Troy. Trends follow other neighboring cities. There are currently 775 single family homes on the market in Troy, ranging in price from $109,000 to $1,750,000. Since January 1, 2006, 590 condos and homes have sold, compared to 669 for the same period in 2005. At the current rate of sales, it will take 1.3 years for the market to absorb the existig inventory of homes for sale.
Sales are down by about 11% year to date over the same period last year. Median prices are almost flat at $259,000, as are asking prices. Time on market has almost doubled.
In practical terms, this remains a strong buyers market. Buyers are in the driver’s seat and can select from a a wide variety of homes. Sellers need to remain on top of their expectations regarding price and terms. A house like any other asset, is worth exactly what someone else is willing to pay for it.
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______________________________________________________________Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Business has picked up here in the Minneapolis St. Paul area. We won’t break any records but the phones are ringing, the inventory is finally going down and the buyers are out again. The abosorption rate for new condos remains high at an astounding 22 months. I love reading market news from other regions, it give me a we are all in this together feeling!