The Metropolitan Consolidated Association of Realtors released third quarter 2008 home sales statistics for Oakland County today, compiled from information they received from Realcomp, our mls.
We’ve highlighted the report for markets that we serve, like Birmingham, Bloomfield Hills, Royal Oak and Troy.
In the county as a whole, sales were up by 21.12% year to year, with the number of listings down by 12.82% and sales volume down by 5.5%. The falling number of listings, if broader economic conditions were more positive, would typically bode well for stabilization of prices. Obviously with today’s economic uncertainty, it is challenging to predict future prices, and it seems likely that downward pressure on prices will continue until Metro Detroit begins to create jobs. There, I said it out loud.
A few key stats from some local municipalities:
All is not dismal in these numbers. I think far more homes are being sold than people tend to believe. Dmitry and I continue to have our record best year, representing buyers and sellers in Oakland County. If you aren’t seriouslycommitted to selling your home, it should not be on the market. If you are a buyer, Oakland County is your oyster, with some exceptional deals to be had.
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Matt Case 10.24.08 at 9:48 pm
Great information, Maureen. I had to read it twice, as I didn’t expect a gain in unit sales, much less one that large. All I’ve heard coming out of your part of the state has been doom and gloom.
We’ve seen units and average sale prices both down up here in Northern Michigan, but we’ve also noticed that the amount of new inventory it dropping off as well, beginning to move inventory levels back in line.
Thanks for the insight!
Maureen Francis 10.24.08 at 10:21 pm
Matt,
Thanks for stopping by from Up North and visiting. Our units have been up, I believe, for 8 straight months. So that is good.