The just released (Oct 25 2011) Standard & Poor’s Case-Schiller Home Price Index shows their 10- and 20-city composite data recording mild improvements in home prices. August 2011 data (3.8 percent and 3.5 percent declines) was improved from August 2010 (4.1 percent and 3.7 percent declines). So yes, while prices are still going down, they are improving.
Sixteen of 20 cities in the index posted improved figures from the July data, another hopeful sign. Atlanta and Las Vegas appear to be bucking the trend with lower negative trends. Detroit (2.7%) and Washington, D.C. (0.3%) were the only two cities to show an annual gain.
Locally, for Livingston County, average sales prices are up just over 21% for 2011 vs. 2010 and up more than 19% for 2011 vs. 2009. Inventory continues to be an issue, with a 32% drop for 2011 vs. 2009 and over 20% lower for 2011 compared to 2010. Days On Market (DOM, or the time it takes to get a home sold) are also declining. So buyers that are serious have to move speedily to have the best opportunity at the house they really want to purchase.
If you’re looking for a home in West Oakland, Livingston, or North Washtenaw County, call me for a no-stress discussion of the market.
Showing posts with label market trends. Show all posts
Showing posts with label market trends. Show all posts
Tuesday, October 25, 2011
Tuesday, July 13, 2010
Market Update - Livingston County
Well, we've followed up a couple of 'old style' winters (co-o-old, snowy) with an old style summer - really hot and humid. My flowers are being watered and tended to a bit more than usual, with decent results. The tomatoes are just loving this weather, though.
On the Real Estate front, there's still a good amount of buyer activity, even though the federal tax credit for buyers is pretty much over. Sellers are being realistic about prices (in general) and know that properties are selling at a lower price.
Mortgage rates are very attractive but lending criteria has tightened to make things a bit more challenging. There's still an acceptable amount of inventory available (8 month supply of homes), but not as much as there was a year ago. Those of us that work a fair amount of foreclosures are hearing from banks that they expect a release of inventory at any time - but we've been hearing that for quite a while now.
Property values are still dropping nominally but that alone is an improvement. If you're a buyer, this is still a great time to make it happen. Sellers - I don't expect to see any big upward movement in prices for at least 3-5 years, so if you need to move, do it now while lending is attractive for the buyers and while you can make a good deal on the buying end of your move.
There are more commercial vacancies, just look at any strip mall as you're driving by. There's very little new commercial construction, except for prime locations with pre-lease agreements.
On the Real Estate front, there's still a good amount of buyer activity, even though the federal tax credit for buyers is pretty much over. Sellers are being realistic about prices (in general) and know that properties are selling at a lower price.
Mortgage rates are very attractive but lending criteria has tightened to make things a bit more challenging. There's still an acceptable amount of inventory available (8 month supply of homes), but not as much as there was a year ago. Those of us that work a fair amount of foreclosures are hearing from banks that they expect a release of inventory at any time - but we've been hearing that for quite a while now.
Property values are still dropping nominally but that alone is an improvement. If you're a buyer, this is still a great time to make it happen. Sellers - I don't expect to see any big upward movement in prices for at least 3-5 years, so if you need to move, do it now while lending is attractive for the buyers and while you can make a good deal on the buying end of your move.
There are more commercial vacancies, just look at any strip mall as you're driving by. There's very little new commercial construction, except for prime locations with pre-lease agreements.
Tuesday, February 05, 2008
New Home Construction Summary-Jan 2008
In a previous post, I reported on an industry survey of new home construction that is conducted monthly by Bank of America. With their kind permission, here is a summary from the January 2008 report.
New home prices and incentives to buyers continue to increase while time to sell is taking longer. Nationally, part of this is still an over-abundance of inventory, but as many builders are now reducing standing stock and beginning new construction only upon receipt of a signed puprchase agreement, this inventory continues to drop.
New home affordability, attractive mortgage interest rates and the dropping inventory will help this sector over the next 12 months.
The Detroit-area market was the nation's 36th largest for all of 2006. This latest report indicates that traffic at new models is still pretty slow and prices continue to drop, while time on the market increases - pretty much in step with national trends. In this market, the builders with the most exposure are Pulte, Toll Brothers and Centex, but there are a lot of great smaller, local builders, too. Many are also doing remodeling work in addition to new construction.
It's a great time to get a bargain on a new home, but shop carefully! There are many, many great deals available on exisiting homes, too, and you can often get more for your money with a re-sale home. Work with an experienced, full-time real estate professional and mortgage representative to get the most from this strong buyer's market.
New home prices and incentives to buyers continue to increase while time to sell is taking longer. Nationally, part of this is still an over-abundance of inventory, but as many builders are now reducing standing stock and beginning new construction only upon receipt of a signed puprchase agreement, this inventory continues to drop.
New home affordability, attractive mortgage interest rates and the dropping inventory will help this sector over the next 12 months.
The Detroit-area market was the nation's 36th largest for all of 2006. This latest report indicates that traffic at new models is still pretty slow and prices continue to drop, while time on the market increases - pretty much in step with national trends. In this market, the builders with the most exposure are Pulte, Toll Brothers and Centex, but there are a lot of great smaller, local builders, too. Many are also doing remodeling work in addition to new construction.
It's a great time to get a bargain on a new home, but shop carefully! There are many, many great deals available on exisiting homes, too, and you can often get more for your money with a re-sale home. Work with an experienced, full-time real estate professional and mortgage representative to get the most from this strong buyer's market.
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