We just did a study showing year to date sales (Jan. 1 to Nov. 21, 2008) and found the following for our personal sales.
We listed 37 new homes over $600,000 so far this year and only 11 have sold with an average time on market of 352 days.
We also sold 2 of the 3 listings for waterfront lots over $600,000 this year with 194 average days on the market.
In the $500,000 to $600,000 range, we were only able to sell 1 of 3 new listings.
In the $400,000 to $500,000 range, we were only able to sell 1 of 6 new listings.
But down at the $300,000 to $400,000 range, things picked up again and 5 of 6 listings sold that we took in.
Oddly enough in the $200,000 to $300,000 range, only 3 of 15 new listings sold.
But in the $100,000 to $200,000 range, 7 of 8 sold for us.
It's a weird market and getting tougher but think that the new year and some new economic stimulus package will turn things around for 2009 and believe that it is a great time to buy as things in Michigan may be turning around and if you can get a seller to sell for 10% less than asking price today due to all the bad news in the economy, then you'll be ahead of the curve for when things turn around in a few months. (That's my prediction).
Andrea Crossman Group