Oakland County-20.3 percent decline in homes for sale

Real estate inventory in tri-county area continues to improve

Real estate inventory across the tri-county area of Greater Detroit continued to improve, according to a study by Residential Real Estate Concepts & Consultants, an independent research and consulting company. Collectively the three counties saw a 2.7 percent decline in homes for sale from Oct. 1 to Nov. 1, and a 12.6 percent decline from year ago levels. Since the first of the year the number of homes for sale in Wayne, Oakland and Macomb counties has declined modestly but are down 42.8 percent from 2008 and an even higher 54.7 percent from 2007 levels.
Of the three counties, Oakland County recorded a 20.3 percent year over year decline in homes for sale with the biggest decline in existing homes of a little less than 1,400 homes as the number of foreclosed properties for sale continues to decline. Condominiums declined just under 600 units, but represented an almost 30 percent decline. New construction declined as well.
Macomb County saw a year-over-year decline in inventory of 14 percent, with the number of existing homes dropping by a little more than 400 units or 11.2 percent, with condos for sale decreasing by just under 400 units but equaling a 26.8 percent decrease. New homes for sale in Macomb actually increased year over year.
Wayne County, including the city of Detroit, saw a one-year inventory decline of 3.4 percent but is still well below 2007 levels by almost 56 percent. Of the homes for sale, existing homes were down by 3.2 percent, condos by 2 percent, and new construction by 7.1 percent from the same period in 2009.

Holiday Market will be hosted at Diamond Dave’s

The Orion Art Center is hosting the 10th annual Holiday Market at Diamond Dave’s Creative Jewelry, 424 S. Lapeer Road, Lake Orion, across from McDonalds through Dec. 19. The hours are 10 a.m. to 6 p.m.
Market items include items made by local artists including: pottery, jewelry, glass, ornaments, wood, cards, photography, paintings, wearable art, books, Pewabic pottery, edible art, ceramic wall hangings and more. Call 248-693-4986 or visit www.orionartcenter.org

Novi’s economic development director appointed to board

Ara Topouzian, economic development director for the city of Novi, has been appointed to the 2011 Michigan Economic Developers Association Board of Directors. Topouzian’s three-year term will begin Jan. 1. A member of the association since 2007, he has served on the education committee, 50th anniversary committee, and as a speaker and moderator for training seminars.


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