July 2011 Market Data

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.

Some Local Businesses Doing Well

After the daily assault of bad news, it was
really great to see recent reports of good news
for local businesses.

First, Lowry Computer Products Inc., of
Brighton (Green Oak Twp) is one of three
suppliers that won part of a $75 million multi-
year contract from the U.S. Army. Lowry has
been a bar code leader for many years and has
moved into the passive radio frequency
identification (RFID) field, too.

The contract deals with ways to track military
equipment through RFID, and Lowry is the prime
contractor. Motorola and Zebra Technologies,
Inc., of Illinois are the other two companies
listed in the agreement.

A Crain's Detroit Business article stated that
the effect of this contract for new hires,
expansion or other area impacts are uncertain at
this time - but it sure can't hurt!

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Liquid Manufacturing of Brighton (Green Oak Twp)
had a site plan approved that will let the
company modify its existing building and add
additional work shifts, but will not create many
new on-site jobs.

Liquid Manufacturing is a brewing and distilling
company on Whitmore Lake Rd and is planning to
add 30 new product lines that include energy
beverages and water brands. They are at the old
Thermofil site.

East Grand River Project-Livingston County

The East Grand River Road project is underway! If you've traveled the road between Pleasant Valley and US-23, you've noticed that there are a lot of trees that have been removed on the north side of Grand River.

This first phase is to help expedite the identification, relocation and consolidation of utility lines. That part of the project is pretty well wrapped up by now, with work on the next phase to resume in March when the weather moderates.

Grand River will get significant modernization under this project. Resurfacing from the Brighton City limits to US-23, widening to five lanes between US-23 to just east of Academy Drive, widening from two to four lanes from that point east to Richards Drive, and widening to three lanes from Richard Dr to Pleasant Valley Rd.

This stretch of road is now seeing 17,000 vehicles a day with an expected increase of 50% over the next 20 years, according to the Livingston County Road Commission. Smoother rides, less congestion, better safety with a left turn lane, and higher capacity in the future are all part of the plan.

Brighton Township and Green Oak Township collaborated on a plan for this area, which was adopted by both Township Boards of Trustees in January 2006. It was used for the design planning stage by the Livingston County Road Commission (LCRC), and also included ordinance revisions, development guidelines, identification of pathway locations along this corridor.

Green Oak Township May Implement A Rental Property Registration

At the December 19, 2007 Green Oak Township Board Meeting, the Building Department recommended consideration of an ordinance to register residential rental units. The Board's online packet and minutes contain numerous rental registration ordinances from around the State. The current thinking is to do an initial inspection at the time of registration to make sure the structure is up to code, then do either annual or bi-annual inspections. This could be implemented in Spring of 2008 in one form or another. That packet is currently under the 'Bulletin Board' area, but will get moved to 'Minutes & Meetings' at some point. If successful, this will be the second Livingston County municipality to enact such a provision.

The City of Howell has an ordinance which requires annual registration of rental homes through the Community Development Department. It has nominal fees associated with it, but requires the owner to appoint an 'agent' for the property if the owner resides more than 60 miles from the registered rental home.