In the last few weeks we got an offer on a new listing within 6 days of it hitting the market. Not bad, huh? For all the bad things you hear about the Southeast Michigan real estate market right now, there are lots of stories that are not sexy enough to make it in the main steam media.
I’ve long done anecdotal market reports here on miOaklandCounty.com. Before the stats come in from Realcomp, I tell you what I am seeing out there on the street. In the last few weeks, I have been seeing A LOT.
- SKBK Sotheby’s reported that it had it’s best month in 4 years in April. That means 10’s of millions of real estate transacted in Oakland County (with Sotheby’s agents driving those sales).
- Dmitry and I are having our best year ever. I don’t say this to brag, but to let you know that homes here are selling in spite of what your neighbors are telling you.
- I’ve been trying to find a NEW spec home in Birmingham for a client who is in the $1,000,000 to $2,000,000 range and the pickings are slim. We have a couple of great choices, but inventory is low. I see an opportunity in that segment of the market, once the builders are ready to take the risk again.
- We are still seeing strong rental activity, but it looks like rental prices are heading up.
- We have had/been involved with multiple offer situations on at least 6 or 7 properties this Spring. Buyers are competing when a property is well priced.
- This winter, rentals dominated the transactions in the MLS. Sales have clipped way up in the last few months and have passed the rentals.
Certainly our market still has some challenges brought on by the broader economy and the mortgage market, but we are seeing a surge in activity. Prices have continued to trend down. But, most people don’t realize that a market has shifted until a few months after the best opportunities have passed. I don’t have a crystal ball to know when that might be, but my gut tells me that we are in the midst of a shift.
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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{ 3 comments… read them below or add one }
John Lockwood 05.29.08 at 12:11 pm
Nicely done. We’re seeing the same thing in April / May here.
I submitted your article over on RealEstateVoices, if you want to go vote for yourself. Sure you do.
http://www.realestatevoices.com/user/view/shaken/login/JohnLockwood
monika 05.30.08 at 6:33 pm
I love hearing how busy you are Maureen! My market has been very busy too which is not what we’re hearing on the news.
Keller Texas Real Estate 11.17.08 at 5:29 pm
We are getting super busy here in the suburbs of Dallas even with this slow economy.