Last month's data from our MLS, RealComp, is now available.
Comparing 2007 to 2006 YTD as of November 30th, there are currently 3081 residential listings (homes and condominiums) compared to 2983 last year, or 3.2% more homes on the market.
The number of sales has dropped 11.7%, 1607 for this year as compared to 1819 last year, but the sales volume (total price of the cumulative sales) has dropped by a larger 20.2 %. Days On Market (a measure of how long it takes to sell a home) has risen by 12 days (or 8.8%) from 137.9 days last year to 150.1 days on market this year.
Individual price ranges are seeing different levels of activity. The price ranges that have seen the most sales YTD (with at least $40 million in volume) are the $200,000-$249,999 range (340 sales) and the $150,000-$174,999 range (246 sales). I believe that the former represents move-up opportunities for young families, and the latter is representative of first-time buyers getting into their own home. Three (3) homes have sold for 1 million dollars or more in the County so far this year.
Geographically, Hamburg, Green Oak and Genoa Townships have the most YTD sales and sales volumes with the reporting year almost over. Hamburg Township has been the fastest growing Township in the County for many years running. Livingston County remains Michigan's fastest growing County.
Most borrowers are financing via conventional mortgages, with some cash sales reported, too. FHA, land contracts and VA financing are far behind in numbers.
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