Real estate sales increased in Macomb County, MI.
Overall sales were up 25.76% for Macomb County in October 2008 compared to October 2007 and the values were down -22.75%.
Some of the citys with notable increases from October 2008 compared to October 2007:
- Eastpointe - sales up almost 97% while the average sale price was down -43.57%
- Roseville - sales were up 46.15% while the average sale price was down -60.39%
- Macomb Township - sales were up 40% and the average sale price down -16%
- Sterling Heights - sales were up 31% and the average sale price was down -20%
- Saint Clair Shores - sales were slightly down -7% with the avg. sale price down -27%
Again, these stats are from October 2008 sales compared to October 2007 sales. House values have declined as most everyone in MI is aware of, and the market is correcting itself. A bad economy, the credit crunch and the high number of bank owned homes are no doubt contributors to these values declining.
The good news is that the bank owned homes are selling and the sooner these homes sell and the inventory reduces, hopefully values will stabilize. Have prices hit bottom yet? I can't say for sure I don't have a crystal ball, but I think we are close. Prices have adjusted and as you can see by the stats, buyers are taking advantage of the low prices.
It is a great time to buy Macomb County Real Estate. For the best web site to start your Macomb County real estate search sign up for your FREE Listingbook account. Search Macomb County Homes For Sale.
These statistics are beleived to be reliable but not guaranteed. Statistics courtesy of Real Comp II Ltd.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
It is definitely a great time to buy! We are seeing similar trends around here in SC as well but there are still too many properties being built. The building needs to halt for a bit so we can cut down on our existing inventory.
Hi Jenn, new construction has pretty much stopped here for a while now. Thanks for stopping by and commenting.