The July data has just been published by our MultiList System (MLS), RealComp II, Ltd. We’re seeing a continuation of trends from earlier in the year, namely, fewer listings, slightly increased sales numbers and a shorter time on the market.
First, listings. Year To Date (YTD) for 2011, we’re 11% below 2010 levels, with 3041 this year compared to 3404 last year. Short sales listings are down a significant 28% comparing July 2011 to July 2010(252 in 2011 vs. 352 in 2010).
Sales of residential units (detached homes and condominiums) are up 7%, or 237 in 2011 vs. 221 in 2010. Pending sales are also up 23% from last year. July 2011 showed the highest average ($173,608) and median ($153,750) sales prices of the year, and both of those indicators are nominally above 2010’s performance.
The time on market (time it takes a listing to sell) is at average of 114 days for 2011 compared to 121 days for 2010. It may not seem like much, but selling your home a week faster can be important to some people. It also means that buyers need to be motivated and move on their choices quicker.
The ‘hot spots’ for sales in Livingston County continue to be Genoa Township, Hamburg Township, Brighton Township, and Green Oak Township, in that order.
Cash sales are way down so far this year, with only 95 being reported. At the end of July 2010, that figure was 415 – a 77% decrease. Land contracts are a little more popular this year, but at 25 sales with those terms, they are still a very small part of the overall financing picture. Conventional mortgages are still the most popular financing method, followed by FHA loans.
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