ST. CLAIR SHORES REAL ESTATE MARKET REPORT - JULY 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 summer selling season continues! I'm happy to report that 63 homes closed in July up from 56 in June. That's a 12% increase from June. There were 54 closings in May and 52 in April.
ST. CLAIR SHORES MARKET REPORT FOR JULY - HOMES
- There were 63 home sales that closed in July
- The average list price was $124,893
- The highest list price was $499,900 & the lowest was $24,900
- The average sale price of those 54 transactions was $116,130
- The average total days on the market was 198
- 49 homes went under contract and are marked pending for the month of July.
Of those 63 closed transactions, 27 were bank owned, 4 were canal front, 1 was lakefront and 1 was new construction!
Homes are selling in St. Clair Shores!
ST. CLAIR SHORES MARKET REPORT FOR JULY - CONDOMINIUMS
- I am happy to report that there were 11 condos that closed in July
- The average list price was $68,309
- The highest list price was $162,900 & the lowest was $19,900
- The average sale price was $63,854
- The average total days on the market was 99
- There were 6 more condos that went pending in July
There were 5 condos priced under $50k driving the codo sale stats down for the month overall.
This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of August 4th, there are currently 687 single family homes for sale ranging in price from as low as $25,000 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!
If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search 1,000s of homes.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
Hey Mike
It's encouraging to see an increase in sales. The fact that 43% of them were bank owned is scary.
Terry, it is encouraging, the numbers have gone up slightly each month since April.
It is scary that 43% of the sales were bank owned, but on the other hand, it's also good that the reo's are selling, rather than sitting vacant. The sooner the reo inventory goes down, the better off the market will be.
Also, in the earlier months of this year, bank owned sales made up about 50% of the sales.
Mike, this report looks awesome. (I sold one in St. Clair Shores last month, and it sold for just under the average sales price you have reported.) Believe it or not, it was not bank owned.
The Shores is always going to a be a desirable place for people to live. Having you there as the local expert will help many home buyers and sellers!
Kris, thanks so much for your kind words. While going through the closed comps, I noticed you had sold one in the Shores, I was glad to see your name as the selling agent! We are going to co-op one of these days!
Hello Mike - great report for your localism area to keep consumers informed! Glad the sales are up and buyers are becoming homeowners by taking advantage of REO's and deals!
Sincerely,
Grace
Grace - Thanks for stopping by!
Many buyers are taking advantage of this market and the low prices.
Yes Mike they are - even past buyers who may be looking to move up are calling and asking - I heard Mr. Real Estate himself -Donald trump on the news say this is a great time to BUY :)
Sincerely,
Grace