Here’s the latest from Big House Data on the Washtenaw County housing market. From their Executive Summary:
Two important twelve month moving average trend lines are beginning to flatten! The diving trend line on the number of sales is starting to pull up and the climbing trend line on the number of new listings has ceased its ascent. This means that the number of sales is coming back into line with normalcy and that potential sellers are hesitant to go “price fishing.” In fact, Big House Data came across a great column a few weeks ago about just this subject. Brian J. O’Connor, in his December 2nd, 2006 Detroit News column nails the problem with the current glut of homes on the market. Still a buyer’s market, anecdotal evidence shows a more confident buyer beginning to appear. It is now not unheard of for sellers to be contacted to submit bids to buyers, as the buyers could live in one of a few homes and just want the best deal.
So homes are still selling, people are stilling buying.
If we could get rid of the “price fishing” listings out there, we would be in great shape. In fact, I would even submit that it would be a seller’s market if all of the over-priced-for-this-market listings disappeared overnight. Goodness! The headaches that would mitigate!