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Realcomp: Hot trends in real estate

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Karen Kage is the CEO of Realcomp.  She joins Murray Feldman on Fox 2's Money Monday to offer snapshot on current, local trends in the real estate market.

Median Sales Prices
•    Up for the year by an average of 36%
•    This upward trend began in 2010 (Oakland), 2011 (Wayne), 2012 (Macomb)
•    Driven by market factors including historically low inventory levels

Inventory Levels
•    Down by 12% compared to last year
•    Levels have continued to diminish since August/September 2007
•    Driven by market factors including foreclosures largely out of system;
and individuals currently ‘under water’ on homes waiting for prices to
continue their rise

Days on Market
•    Down an average of 25 days over last year to [DAYS]  

Hot Markets in Metro Detroit
•    Troy & Canton area
•    Based on:
o    Most overall sales in past 12 months
o    Least amount of days on market in that same time period

In Months Ahead
•    Median sales prices expected to continue rise as economy improves and inventory levels work toward correction
•    Inventory levels should rise during Spring/Summer selling season
•    The next few months will be very telling as to whether the real estate market will continue its rise and resurgence to what is now approaching pre-recession levels

GREAT RESOURCE: http://www.moveinmichigan.com/CompanyProfile.aspx

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