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Oakland, Wayne and Macomb Counties 1st Quarter 2012 Real Estate Market Report

by: Mike Sher (248) 496-1572, Max Broock Realtors

The first quarter County Market Reports are further proof of what we are seeing every day: Sales are picking up and inventory is getting scarce. Seven of the eight markets tracked showed sales unit gains over last year. Declining home inventories are moving all areas closer to a Seller’s Market, with many of the lower priced areas already crossing the Seller’s Market barrier (under three months of inventory). The vast majority of areas are sitting in a neutral market. When we examine those neutral markets, we see about one-third of the market in a solid Seller’s Market with multiple bids and two-thirds still sitting at a Buyer’s Market, typically because of price or condition. Even in the upper-end markets, where we still see inventories in excess of 12 months, the one-third/two-thirds pattern still follows and is even more pronounced since overpricing tends to be more prominent in the over $400,000 price ranges.

Wayne County: MSI improved 14%, sales 4% and inventories fell 11%. Excluding Detroit, Wayne MSI for under $75,000 was actually under three months. For the first time in a while, the City of Detroit did not fare as well as the rest of the county in terms of sales activity.

Oakland County: MSI improved 21%, sales 5% and inventories fell 16%. Under $100,000 moved to a Seller’s market with the balance of the county in neutral territory.

Macomb County: MSI improved 50%, sales 16% and inventories fell 40%. Macomb made the most significant improvement over last year and is the first county to move into a Seller’s Market overall.

We’ll be looking forward to second quarter market reports where the upward trends will possibly grow even stronger. All signs point to a Seller’s Market in the near future.  

Below you will find the links to the 1st Quarter, 2012 reports .

Macomb County

Oakland County

Oakland County 600+

Wayne County

2010 Oakland County Michigan Short Sale, Bank Owned and Traditional Sale Market Share by Mike Sher, (248) 644-4700x242, Max Broock

So, what is the break down of the Oakland County Michigan housing market anyways? We have all read the articles, watched our CNBC and local media outlets. We have heard speeches from Bush and Obama, Granholm and John/Jayne Q Taxpayer; now here are the numbers. As the chart shows, the distress Market is a major part of the Oakland County housing market. Distressed sales made up 54% of sales in 2010, (of that 39% Bank Owed and 15% Short Sale.) The traditional sales market is now only 45%.

So what does that mean to the consumer; if you are buying or selling a home in Oakland County, you NEED a Realtor with distressed property experience. The traditional realtor is a dieing breed. The new Realtor knows about Foreclosures and Short Sales. He or She is well read and up to date on how this new real estate market works, acts and looks like. Even if you are selling or buying a NON-distressed home, your agent must understand the fundamentals of the distressed market. No home owner is an island and when 54% of the market is distressed, today's agent needs to be well equipped to get you the results you deserve.

To find out more on how the Mike Sher Team can help you, please contact me today.

 Mike Sher (248) 496-1572, mike@mikerealtror.com Max Broock Realtors 2010 Results, 65 Units Sold, $10,000,000 in volume and 26 Short Sales Sold