Sales in Genesee County will end up around 4300 units for 2007. 4831 homes sold in Genesee County in 2006. A 13% drop, not really that bad considering what the newspapers, news magazines and Channel 12 are saying.

The average sales price for non foreclosures sales $8,800; from $139,160 to $130,328. The average sq ft was about two different so this is a fundamental change is price paid.

The average sales price for all homes sold dropped from $115,321 to $100,542; great news that this figure is back in the six digits after spending most of the year south of $100,000.

The number of foreclosure sales increased from 1327 to 1662. Meaning consumer sales dropped from 3504 to 2483! Almost 30% drop. Foreclosures made up almost 40% of all MLS listed homes sold in 2007. WOW.

Will the adjustable rate freeze help in 2008? It has to, there are millions of these loans that rates will jump in 2008, Flint has always been a pioner in "creative mortgaging" because of the huge number of outstanding loan officers in Flint! (Sorry, If you have read this blog before you know how I feel about ex-sprinkler repair men assisting someone with their financing).

If three families in Genesee County avoid foreclosure because of the freeze it is a victory. The number will actually be well north of three.

Interesting micro numbers as well.

When searching homes sold in Grand Blanc:

494 have sold so far in 2007 down from 575 in 2006 while foreclosure sales were up from 56 to 109 and average sales price fell from $195,655 to $170,177.

Homes Sales in Lake Fenton show a similar trend but much healthier on sales price:

125 sales down from 152, repos increased by 10 to 23 and sales price fell to $214,141 from $218,267.

Flushing Homes that sold:

246 down from 309, repos almost doubled to 57 and average price fell by $14,000 to $143,873.

Hopefully with interest rates down, prices down and a slew of vacant homes we will continue to see the surge we have noticed over the last 75 days. Web traffic on ChangingStreets.com has increase a great deal over the last 120 days indicating a market move.

The sales the last 60 days have been strong enough to raise the average sales price $6,000, this is a great sign. I don't want to say the worst is behind us, but signs indicate that a flat 2008 is very possible. Good News.