The real estate market in the Clarkston area is showing signs of recovery, according to housing statistics.
Joan Faulk, manager of Century 21 Hallmark West, said housing inventory has decreased, though the market probably hasn’t hit bottom yet.
‘In December, we were selling houses at a 24-month supply. Now we’re selling at a 10-month supply,? Falk said.
That means more people are selling and buying homes, she said.
‘We are now at a better situation, less houses on the market, less houses for people to look at,? Falk said.
According to a recent real estate broker summit in Dearborn, housing inventories across Michigan have decreased.
Cheryl Karrick, of Morgan and Milzow Realtors, found similar results, though it’s not all good news.
‘I don’t think we are at the bottom yet,” Karrick said. “More homes are being sold but the price has reduced.”
Sellers drop their price in a distressed market, selling their homes for less than they are worth or face going into foreclosure.
‘It is a positive trend that we are selling more homes, they are just sold under distress,? Karrick said.
According to an Oakland County real estate sales report, 85 percent of homes sold in Independence Township in March 2008 were distressed, due to Michigan’s economic situation and high jobloss.
These sales haven’t affected the market much, though, Falk said.
‘There’s an increase in the market, my office has doubled in size,? she said.
Falk has found that prices are almost equal to selling activity in 2002-03, meaning the market is moving up a bit.
‘The market hasn’t hit bottom,” she said. “It won’t leap up immediately, it will move ahead slowly,? she said.