MAY HOME SALES MARK FIFTH STRAIGHT MONTH OF
INCREASED SALES IN 2009

Below is a time frame comparison for Oakland County: comparing data from May 2008 to May of 2009.

The number of homes sold in May of 2009 was 1,412 compared to 1241 in 2008 up 13.8%. Of the 1,412 sales 809 were foreclosures and 603 were non-foreclosure sales.

The number of homes on the market in April 2009 was 14,951 compared to 19,185 in 2008 down 22.1%.

The median sales price for a foreclosure home In May was $55,000 and a non-foreclosure was $145,850. The median sale price for all sales in May 2009 was $85,000 compared to $145,850 in 2008. That is down 41.7%.

For May 2009
Number of homes sales up 13.8%
Number of homes on the market is down 22.1%
Average home price is down 41.7%

The Banks foreclosure process is taking longer with less inventory coming on the market. Michigan government may enact a 90-day window giving delinquent owners more time to modify home loans. We think this action will cause less bank inventory for the short term, which will help stabilize home prices.

To search for a home go to www.johnburtrealty.com

Realcomp2 a multiple listing service provides this information with about 12,000 Realtor members serving southeastern Michigan.