November 2008 Market Report
By Debra Drummond, MichiganMoves Real Estate in SE Michigan
(RE/MAX Gallery)
It's been a crazy month with tons of economic news, and lots of it not so good. With the Detroit 3 thrown a lifeline just in time for the holidays, let's hope that the rest of the economy stabilizes soon so people start buying cars again. The local real estate market had record sales again for the 11th straight month in 2008, with an increase of 20.5% over November 2007. Realcomp, our local MLS, reports that 2008 year-to-date sales increased 18.1% over 2007. Oakland County posted the highest percentage sales increase for November at 31.8%. There are a couple of factors for the continued strong market activity. First, starter home sales (those valued up to $124,999) for first time buyers is up by 60% over last year. Secondly, inventory is down 17.72% and homes are priced aggressively. La...
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