Michigan Market Conditions
This is a great time to be looking for a new home when the prices are reasonable.
Oakland County's inventory is on the rise. The 12,498 active residential listings at the end of last quarter would last 12.34 months at the current rate of sales. The county saw 3rd quarter 2004 sales of 4,160 homes Sold drop to 3rd quarter 2005 sales of 3,037 homes Sold. Sales dropped 26.99%.
Appreciation Did Not Continue...Average sale prices did not appreciate, but it went down very little. During the 3rd Quarter that ended with Sept. 2005 it was down 0.0762% from the 3rd quarter ending Sept. 2004 ($262,400 v. $262,600).