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Great News About the Market!!

WONDERING HOW JANUARY'S SALES STATISTICS COMPARE TO LAST YEAR? "STRONG START" IS HOW WE DESCRIBE IT!Sales statistics for the month of January have started off strong compared to January 2011. Specifically:
  • All MLS sales were up 10.4% from 4,022 in January 2011 to 4,439 in January 2012.
  • Average Days OnMarket (DOM) for the entire MLS decreased from last year by 7 days, from 96 to 89.
  • Metro Detroit sales for the month were up 7% from 3,265 in January 2011 to 3,495 in January 2012.
  • Approximately 50.2% of all sales this month were identified as cash sales...ACCESS COMPLETE STATISTICAL SUMMARY REPORTS

Another Great Sign!

Daily Real Estate News  |  April 25, 2011  |   Share

Analysts Say Housing Is on the Way Up

Analysts at both Standard&Poor's and Barclays Capital agree that the uptick in home resales last month is a favorable sign of things to come. Because pending home sales an indicator of future activity were up in February, S&P believes transaction volume will rise for April.

Barclays, meanwhile, says March's 3.7 percent gain in existing-home sales merely reinforces its position that the housing market actually hit bottom in late 2010.

Source: Monday Morning Cup of Coffee, Housing Wire, Jon Prior (04/25/11)

February Home Sales Rise!


 Daily Real Estate News  |  March 28, 2011  |    Share

February Pending Home Sales Rise 
Pending home sales increased in February but with notable regional variations, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says its important to look at the broader trend. Month-to-month movements can be instructive, but in this uneven recovery its important to look at the longer term performance, he said. Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit.

Yun notes there could have been some weather impact in the February data. All of the regions saw gains except for the Northeast, where unusually bad winter weather may have curtailed some shopping and contract activity.

The PHSI in the Northeast fell 10.9 percent to 65.5 in February and is 18.4 percent below a year ago. In the Midwest, the index rose 4.0 percent in February to 81.1 but is 15.9 percent below February 2010. Pending home sales in the South increased 2.7 percent to an index of 100.3 but are 5.3 percent below a year ago. In the West, the index rose 7.0 percent to 105.6 and is 0.6 percent higher than February 2010.

We may not see notable gains in existing-home sales in the near term, but theyre expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability conditions providing confidence to buyers whove been on the sidelines, Yun said.

Source: NAR

Home prices are coming up!

October Home Sales in Michigan saw stabilization of units sold and ongoing price fluctuations  
For the third consecutive month in 2010, units sold topped 10,000 while overall, Michigans statewide average sale prices showed improvement from October 2009 to October 2010, with an increase of 3.49 percent. According to the Michigan Association of REALTORS® latest report, the average YTD home sale price in 2010 is $106,620, an 8.5 percent increase over 2009s average sale price of $98,187, but still down from the summer months, 2010 when average sales price hit levels about $111,000.

Some markets, despite a decline in number of sales, have shown stabilization along with an increase in average selling price of 20 percent or more. Hillsdale County boasted a 34.09 percent increase in average selling price, while Battle Creek, Central Michigan, and Traverse Area Associations were all above 20 percent for the month of October.

Monthly housing statistics for MAR are reported by participating Michigan REALTOR® local boards and associations.

For more information on housing statistics, as well as specific market statistics, visit this link:

View October Housing Statistics 
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