September 2008 Metro Detroit Home Sales Report
Market Statistics
Steady Summer Activity Yields Dramatic Increase in September Home Sales
September 2008 Residential and Condo SALES Summary by Area/County
| Area | September, 2008 | September, 2007 | Percent Change |
| ALL MLS | 5,818--37% Foreclosures |
3,703 | 57.12% Up |
| City of Detroit | 1,019--67% Foreclosures |
564 | 80.67% Up |
| Livingston | 200--28% Foreclosures |
138 | 44.93% Up |
| Macomb | 754--42% Foreclosures |
478 | 57.74% Up |
| Oakland | 1,422--34% Foreclosures |
941 | 51.12% Up |
| St. Clair Area | 128--30% Foreclosures |
102 | 25.49% Up |
| Wayne | 2,278--51% Foreclosures |
1,320 | 72.58% Up |
Res & Condo LISTING INVENTORY by Area/County
| Area | # of On Market Listings September, 2008 |
# of On Market Listings September, 2007 |
Change in Inventory from last year |
| ALL MLS | 63,453 | 75,932 | 16.43% Down |
| City of Detroit |
8,810 | 11,705 | 24.73% Down |
| Livingston | 2,729 | 3,358 | 18.73% Down |
| Macomb | 7,850 | 9,523 | 17.57% Down |
| Oakland | 17,666 | 20,832 | 15.20% Down |
| St. Clair Area | 1,816 | 2,137 | 15.02% Down |
| Wayne | 20,834 | 24,827 |
16.08% Down |
MEDIAN PRICE INFORMATION by Area/County
| Area | Median Sale Price on All Sales September of 2008 | Median Sale Price on All Sales September of 2007 | Median Price Change |
| ALL MLS | $85,000 | $129,000 | 34.1% Down |
| City of Detroit | $9,250 | $21,250 | 57.0% Down |
| Livingston | $158,950 | $190,000 | 16.3% Down |
| Macomb | $103,900 | $130,000 | 20.1% Down |
| Oakland | $132,000 | $175,750 | 24.9% Down |
| St. Clair Area | $86,250 | $121,850 | 29.2% Down |
| Wayne | $35,000 | $76,000 | 53.9% Down |
Highlights of Sales Data September 2008 vs. September 2007
- Entire MLS up for 9th straight month; overall 57% over last year
- Incredible sales gains in all counties resulting in lower inventory
- Inventory is down 16.43%, from 75,932 active listings in 09/07to 63,453 in 09/08
- Total sales volumes for ALL MLS, Macomb, Livingston, Oakland, St. Clair, & Wayne were all up as compared to 09/07. This is a first time occurence this year that the ALL MLS, Oakland, St. Clair, and Wayne areas have surpassed the same month as compared to last year.
- Even areas known for higher priced hoomes have experienced increased sales as compared to the same time as last year.
- Overall Metro Detroit homeowners are selling for 34% less than they were last year at this time.
The fact that sales are consistently going up, while prices are coming down tells me that home sellers in Michigan are finally more in reality in what it will take to get their home sold. Most of the sellers that truly are not motivated enough to price their home properly have given up and taken their house off the market. This also tells me that the general population here in Metro Detroit anticipates the real estate market to start to rebound soon, or at least level off. Let me know if you have any questions, until next time make it a great day!
All information above is the courtesy of my local MLS Board Realcomp and was sourced from Realcomp.
Date: Tuesday, October, 14th 2008 @ 11:03:11 AM
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