Michigan Home Sales Continue Their Rise in Region Sales Up for Entire MLS for 5th Consecutive Month
Highlights Synopsis of Sales (5-08 vs. 5-07)
Area May, 2008 May, 2007 Percent Change
City of Detroit 1,039 771 Up 34.8%
Livingston 169 153 Up 10.5%
Macomb 703 636 Up 10.5%
Oakland 1,241 1,135 Up 9.3%
St. Clair Area 115 129 Down 10.9%
Wayne 2,072 1,766 Up 17.3%
ALL MLS 5,288 4,691 Up 12.7%
• Entire MLS up for fifth straight month, YTD 12.7 % up over same time 2007
• Wayne County and the City of Detroit sales are up for the fifth straight month
• Macomb and Oakland Counties up 4 out of last 5 months
Analysis:
• Sales up during May in Livingston, Macomb, Oakland, & Wayne counties having positive effect on overall sales totals.
• Pending Sales (offers accepted, not yet closed) up in May in entire MLS.
Key Factors/Indicators:
• Positive:
- Homes priced to sell
- Interest rates remain at historically low levels
• Adverse:
-Michigan still 5th in nation in foreclosures keeping prices of homes lower than appraisals in many cases
Source: Realcomp
