As the market recovers, there will be fewer months where we beat the prior year. Such is the case with March 2012. In terms of new contracts written, numbers continued to show improvement over March of last year. Across all of our markets Closed Sales were down just a bit from last year. This is not a cause for concern (it would be if there were three months of decline).

Market Summary for Southeastern Michigan

Dan Elsea, President of Brokerage Services for Real Estate One

April 25, 2012

The latest Case-Shiller Report shows further improvement for both Michigan and Florida. Case-Shiller is still showing most markets are still finding their bottom, in terms of value. From what we are hearing from brokers across the country the value bottom was set late last year. Also most brokers have seen the same shortage of salable inventory, thus rising prices.

Michigan and Florida are both Hitting the Top of the Lists....this time it's not in foreclosures,  we are seeing an increase in home values.

Foreigners Buy Florida Real Estate

Buyers are recognizing the value in owning verses paying rent, even when it comes to their vacation homes. 

Nearly 40% of my sales this year in Florida have involved Canadian buyers.  Being from Michigan, I have enjoyed working with our Canadian neighbors to help them buy their US snowbird homes in Florida. 

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While 20 - 25% of the home owners still have upside down mortgages, a recent bill has been proposed that would extend the Mortgage Relief Act until 2015.   The original bill was introduced in 2007 and is slated for expiration at the end of the year.  

A new month reveals that the market continues to improve. Pending sales were up and there continues to be a significant number of sales with multiple offers. It is the best time in the last six years for sellers to test the market: values are up over last year and many sellers will be surprised at how far up the market has moved.