As of today Friday February 8th, 2013 below is the 5 most searched properties in Metro Detroit. If the link doesn't work, it's because the house already sold. These are the hottest homes in Metro Detroit. If you want more information on any of these homes below feel free to contact me or email me at markz@soldbymarkz.com

1. http://www.markzproperties.com/listing/212105489-2690-elizabeth-ln-west-bloomfield-twp-mi-48324/

2. http://www.markzproperties.com/listing/212125734-49450-deer-run-northville-mi-48167/

3. http://www.markzproperties.com/listing/213007344-1884-magnolia-dr-commerce-twp-mi-48390/

4. http://www.markzproperties.com/listing/213009244-4925-lockhart-st-west-bloomfield-twp-mi-48323/

5.

Analysis:
• Average Days On-Market (DOM) for the entire MLS decreased from last year by 15 days, from 89 to74.
• Overall, YTD sales are up by 8.9% compared to last year. Of the 5,506 sales closed in November of this year, 11.3% (620) were
identified as short sales. 2,366 or 43% of all sales this month were identified as cash sales.
• The median sale price for all MLS sales increased to $87,550 – this is up 25.1% over last year.

Synopsis of Inventory (November 2012 vs.November 2011)
• The on-market inventory declined by 18.4% from 29,209 in November 2011 to 23,829 in November 2012.
•

METRO DETROIT HOME SALES END 2Q JUST AS IT ENDED 1Q: ON THE RISE

MEDIAN SALES PRICE ALSO ON THE RISE IN SOUTHEAST MICHIGAN

MIDYEAR UNIT SALES Summary by Area/County based on Res. & Condo Sales

MIDYEAR MEDIAN PRICE Summary by Area/County based on Res. & Condo Sales

Metro Detroit Home Sales, Prices Spike Over May 2011

Reduced Inventory Results in Higher Overall Median Sales Price

Analysis:

• Average Days on Market (DOM) for the entire MLS decreased from last year by 13 days from 97 days to 84 days.
• Of the 6,325 sales closed in May of this year, 11.6% (735) were identified as short sales
• 46% of all sales this month were identified as CASH SALES
• The median sales price for All MLS rose by 21% as compared to last year

Synopsis of Inventory May 2011 vs. May 2012

• All MLS on-market inventory declined by 17.6% from 33,029 in May 2011 to 27,227 in May 2012
• Approximately 13.41% of the on-market inventory (3,652) is comprised of properties identified as

The end of May brought some great opportunities for buyers looking to find great homes for sale in Northville, Novi, Canton and other communities in Oakland and Wayne counties.  For the fourth week in a row, interest rates on a 30-year fixed-rate mortgage are at record lows, making it even cheaper to purchase a home in southeast Michigan.

30-year fixed mortgages are one of the most popular mortgage packages for first-time home buyers, and with interest rates dipping down to 3.78%, there’s even more savings each month.  When you compare the 4.60% interest rate of last year to the new low, a first time buyer could save around $48 each month for each $100k they borrow towards a new home.

Figure that over a 30 year term that’s a savings of $17,217 when

Has the pendulum shifted? Have we seen the worst of the real estate market here in Metro Detroit?

Supply is down 20% and buyer demand is up 6%

The real estate market is changing right before our eyes. In the last year inventory or the amount of homes for sale each month has decreased by more than 20%. This in part due to the fact that there are a lot less bank foreclosures on the market. Lenders are much more open to short sales which avoids a foreclosure.

Of the 5,139 sales last month (the fact that there were 5,139 sales last month is remarkable in itself), 757 or 14.7% were short sales. Had the lender not been open to a short sale a lot of those homes would have eventually foreclosed. In general we know demand is up because last month

The MARK Z. Home Selling Team finished number 81 in the country out of 2 Million plus Realtors on the "Top 250 Teams by Transaction Sides List" for 2011. The Wall Street Journal and Real Trends Inc. anncounced the top 1,000 real estate agents and teams for 2011 in the United States. Teams and Agents were ranked based on the total number of closed transactions in 2010. I wanted to congratulate my team on a very successful year in a very challenging real estate market. 

We are starting to see the market turn for the positive. Although we are seeing home prices increase in certain communities, we are still having appraisal issues on many houses. Foreclosure inventory is very scarse and when one does pop up on the scene more times than not, it is a

Positive Signs ahead although prices are still declining

The amount of homes for sale or on market inventory and average days on market continue to decline compared to 2010 levels for the same period. In fact there are 6,000 fewer homes on market in March 2011 VS. March 2010.

When you see the words MLS, this stands for Multiple Listing Service. Out of the 32,317 homes listed for sale, 27,686 of the houses were NOT foreclosures and 4,631 of the homes listed were bank foreclosures. Of the 27,686 homes 7,464 were short sales, where the homeowner is trying to sell the home for less than they owe.

The average days on market is 97 days compared to last year in March when it was 102 days on average before a home would sell.

Home Prices Decline 11.1%

Metro Detroit Home Prices Rise 1.6%, While Inventory Is Down

Waiting for the market to bottom out? You may have missed the boat. All the signs of an upward trending market are in place. Demand is up, while supply is down. Foreclosures are rare and when they do hit the market usually sell for over the asking price. Interest rates are still at an all time low. We are still having a hard time getting homes to appraise, but in time that should clear itself up. Below is specific data to each county comparing February of 2011 vs. February of 2010. 

Synopsis of Inventory (02/2011 vs. 02/2010)

*All MLS on -market inventory was at 32,695 units - 4,907 of these are foreclosures, 27,788 of these are NON-foreclosures.

Analysis:

*On-market inventory