Update on Oakland County Home Sales

The Oakland Press ran an article (link above) reporting that the home prices in Oakland County dropped 9% from a year ago.

Our view: yes and no.

What they actually say is that "median price of homes sold in November fell from $184,000 a year ago to $167,500. The median price means half the homes sold for more and half for less"

There is no question that values have fallen. But it is also important to realize that even though luxury home prices have fallen more than first time or move-up home prices, often luxury home sellers can wait longer to sell. So you also need to look at inventory and absoption rates for any specific sub-set of the market before you can make accurate estimates of value changes for specific homes.

But, it is still an interesting article.

Fun Blog on Milford Real Estate

As I recover from the national spotlight and restart my local blogging efforts I run across some other interesting bloggers.

The link above will take you to Norm Werner's blog. He he is relatively new to real estate but he seems to have some good insights into the Milford / Western Oakland County market. (He is primarily focussed on the listing / sales side.)

I found some of his stuff quite entertaining!