Saline market report for November 2008

Here’s the latest Saline market report for November, 2008. This is an update to my regular sales report which I reported earlier this month. If you are interested in a Saline home or condo, here’s how our market looks in November, 2008.

Each month, I review all of the homes for sale (column 2) in Saline within defined price ranges (column 1), and those homes where the sellers have accepted a sales offer from a buyer (columns 3 & 4 – Percent Pending). I also review all of the sales in past 30 days in each price range (column 6). The results for November 2008 are shown in the table below:

Using the data shown above, this month, let’s look at a chart of the number of months of inventory of homes for sale in Saline. The number of months of inventory is calculated by taking the total number of homes available for sale (column 2 above) divided by the number of homes which have sold in the past 30 days (column 6 above).

In the chart above, the blue bars show the number of months of inventory each month in 2007. The red bars show the number of months of inventory each month so far in 2008.

This chart clearly shows the continuing improvement we see in the Saline real estate market. Other than back in January, 2008, the level of inventory so far in 2008 is lower than in the same month in 2007. The figure for November, 2008 is that we have 11.4 months of homes to be sold. The figure for 2007 was 16.8 months of homes to be sold.

The holidays are right around the corner, and Saline homes and condos are still selling. I’ll continue to keep track of our market. Count on it!

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What do you think? Do you see the market improving here in Saline? I’d love to read your comments on our market.

If you have questions about your specific situation, or if you’re considering selling your Saline home or condo, you owe it to yourself to take advantage of my experience in the Saline market. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.

You can search for homes and condos in Saline here.