There is a positive Upward Trend in the Milan Real Estate Market. When reviewing the 24-month chart below, for the Milan, Michigan area, we need put our attention to the red line on the chart. The red line indicates an upward trend in the Linear (Average Square Foot / Sale Price). The average square foot price is now hovering on the linear line around $70.00 per square foot for the month of November, 2011, as compared to November 2010 at approximately $67.00 per square foot. This year, compared to last year shows an approximate 5.36 percent increase in the average linear (sales price per square foot) in Milan. This upward trend in sales price per square foot is very good news for Sellers and REALTORs alike. Home sales are down by 14.5 percent compared to last year’s total sales. This shows that the market is flat in total volume of sales over 2 years, however, homes are selling at a higher square foot price which is a stabilizing factor over a 2-year time frame. Our linear indicator is moving upward. No one’s complaining about this kind of good news as the year 2011 soon comes to a close. All positive statistics are worth noting.
Buyers as well as Sellers should pay close attention to these indicators. While trends are showing signs of a recovery, it’s a great time to take the next step to home ownership or listing your home for sale. Call to schedule an appointment.
I would like to thank Peter W. Hendershot, State Licensed Real Estate Appraiser, Business Development Manager, Affinity Valuation Group for putting this chart together for all of us to analyze. This data is shared with your local REALTORs, lenders, builders and lawyers so we can assist our clients and keep them informed of market conditions.
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