April Real Estate Data for Michigan = Recovery?
Michigan home sales in April 2010 vs. April 2009: +9.46%
Michigan home sales Year to Date (YTD) through April 2010 vs. 2009: +7.40%
Michigan avg. sales price in April 2010 vs. 2009: +14.87%
Michigan averages sales price YTD 2010 vs. 2009: +12.16%
Bottom Line: With unit home sales in Michigan increasing this year for both: a) the month of April vs. last year, and b) YTD through April this year vs. last year, and with average home prices increasing by double-digits for: c) the month of April (14.87%), and d) YTD through April (12.16%), I think there's a case for a real estate recovery going on in Michigan this year.
6 Comments:
These stats are skewed. The $8000 tax credit ended in April this year. As such there was an artificial rise in the numbers. This will be made up for by a decrease in May.
The tax credit has skewed the market. Also, the aggregate measures of the "real estate" market is probably hiding the most pertinant facts. I think if the details of the data are examined you'll find that certain sectors of the market (e.g., condominiums) are doing quite well, but the market for houses is still in the tank.
With all due respect professor, I think the real recovery will not start until at least 2012. These figures are propped up by an $8,000 tax credit. Moreover, a record number of foreclosures are expected this year which will place more downward pressure on the market.
"If I can make it here, I'll make it anywhere"
Average and median home parices are? Anyone??
I would agree that the numbers are definitely skewed due to the federal first time homebuyer credit. I also think you will see a large giveback in those numbers post April 30th. The true real estate statistics for Michigan and other states can now begin to show up now that the credit is gone. Without significant job growth and more importantly, jobs paying wages that allow someone to purchase a home, there will be no housing recovery.
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