real trends for today
Beth Pressler CRS GRI LTG
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2001 YEAR END STATISTICS The end of year statistics are in and the Grosse Pointes finished ahead of 2000. Several variables were examined within our Multiple Listing Service (MLS) provider, Realmatrix. As noted in previous issues, statistics are to be carefully interpreted due to a small percentage of unreported/"dollar" sales. (An affidavit is filed and the the sale is reported as $1 in the MLS...usually at the request of the Buyer/Seller and/or their attorney. This, however, serves to skew statistics in the MLS for appraisal purposes thereby giving a misconception in market trends/statistics. I have also reviewed the "Unreported" sales figures and provided average Listing Prices. One can assume that the sold prices are relatively close to the Listing Prices. Another caveat to consider "Days on Market" (DOM) can be misleading. In individual cases, checks are made that the property wasnt allowed to "expire", relisted on the market and then reported as Days on Market for only the relisted marketing period. The number of units closed in 2001 were a bit up, market time was about the same and Average Sales prices were up about 10% over 2000.
Residential Some communities had less Residential units closed in 2001 than in 2000 (City & Park), while others were up from 2000 (Woods & Farms). Unreported sales were considerably down in the City and Park, and relatively constant in the Shores, Woods and Farms. Days on Market were considerably greater in the Shores but not much difference in the other cities. Average Sales prices were up in almost every city by about 3-5% (except the Park and Farms). However, Unreported Average Listing Prices were up considerably in the Farms and down a bit in the Park. Condominiums The Condominium market was strong in 2001 for those cities (City, Park and Woods) that have a number of condos. Even though the number of units sold were less than in 2000, the Average Sales prices were up almost 14% in some cities. Condo market times were less in 2001 than in 2000 as well. Multi Family The Multiple Family market also proved to be strong in 2001...number of units were down a bit but Sales Prices were up. In 2000 there was an average of $773,843 of unreported sales...in 2001 there was an average of $804,690 in unreported sales.
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