Well, 6 months of sales data are in the books for the year 2006 and the results are in. Click here to select the quarter and area you would like to see statistics about.
A brief summary: in the first quarter of 2006 there were 4.9 active homes for every closing. The second quarter of 2006 saw that ratio drop to 3.7 active homes to every closing. In every community surveyed, there was over 8 months of inventory (homes active on the market), with Novi leading the pack with 16.7 months. As was probably a safe bet, homes over $600,000 in price have the largest amount of inventory, 19.8 months to be exact.
Homes are still selling in all price ranges, and buyers have a lot to choose from. Sellers are challenged by competition that is beginning to recognize the market will not accept an overpriced home; in fact, buyers will not even look at overpriced homes considering the sheer number of homes on the market. Buyers are challenged by the fact that there is so much inventory, it can be difficult to determine which homes to even look at.