Oakland, Wayne and Macomb 1st Quarter 2012 Real Estate Market Report - by Mike Sher

April 25, 2012 - PRLog -- 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 -  http://www.maxbroock.com/pdfs/quarterly_reports/macomb_q1...

Oakland County - http://www.maxbroock.com/pdfs/quarterly_reports/oakland_q...

Oakland County 600+ - http://www.maxbroock.com/pdfs/quarterly_reports/oakland60...

For Wayne County, please copy and paste link- http://www.maxbroock.com/pdfs/quarterly_reports/wayne_q1_12.pdf

Mike Sher - (248) 496-1572