Macomb County Real Estate Blog - Mike Mitchell

ST. CLAIR SHORES REAL ESTATE MARKET REPORT - May 2008

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation.

The spring selling season continues! I'm happy to report that 54 homes closed in May slightly up from 52 in April.

 ST. CLAIR SHORES MARKET REPORT FOR MAY - HOMES                                                       

• There were 54 home sales that closed in May                                                            
• The average list price was $112,218
• The highest list price was $280,000 & the lowest was $35,000
• The average sale price of those 54 transactions was $106,832
• The average total days on the market was 227
• 34 homes went under contract and are marked pending for the month of May.

 Of those 54 closed transactions, 28 were bank owned & there were 2 waterfront homes that closed. As I've said in my previous market reports, it is tuff to see some of the bank owned homes selling real cheap and bringing values down, however I am still glad to see them continue to sell. The sooner the inventory goes down, the sooner the market can start to recover. My broker sent out an email earlier this month, and he feels that the market has officially hit bottom, and it should start leveling out and then eventually start to slowly make a recovery. I don't have a crystal ball, but I'm optimistic and have noticed business and sales starting to pick up.

          ST. CLAIR SHORES MARKET REPORT FOR MAY - CONDOMINIUMS 

• I am happy to report that there were 7 condos that closed in May.
• The average list price was $135,243
• The highest list price was $420,000 & the lowest was $44,900
• The average sale price was $121,714
• The average total days on the market was 168
• There were 6 more condos that went pending in May

This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of June 3rd there are currently 684 single family homes for sale ranging in price from as low as $35,000 investor specials to waterfront homes well over $1 million. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever. Interest rates are still low and there are some great FHA loans for those that want to put little or nothing down.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

PRICES HAVE NOT BEEN THIS LOW IN YEARS, IT IS A GREAT TIME TO BUY A HOUSE!

  Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Information deemed to be reliable but not guaranteed. Information taken from MiRealSource multiple listing service. Above sales were sold by agents and/or brokers. These statistics do not include for sale by owners. Selling prices did not include any sellers concessions.