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Market Analysis For Birmingham MI October 2009
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October 09 median sale prices increased 5% from September 09 & a 26% decrease # of homes sold. Private owned homes median price decreased 10% in Oct. 09 from Sept. 09. Bank owned homes median price decreased 21% in Oct. 09 from September 09. |
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October 09 median sale price increased 16% from October 08. |
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Yr ending Oct. 2009 median sale price compared to yr ending Oct. 08 decreased 19% |
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Statistics rounded to nearest % -compiled from RealComp II data believed to be reliable. |
Active & Solds October 2009
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340 listings: |
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28 Sold listings: |
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Median List Price |
$419,500 |
Median Sold Price |
$284,000 |
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Avg. DOM |
195 |
Avg. DOM |
149 |
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Private Owned |
319 listings |
Private Owned |
24 Sold |
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Median List Price |
$450,000 |
Median Sold Price |
$295,000 |
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Bank Owned |
21 listings |
Bank Owned |
4 Sold |
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Median List Price |
$279,900 |
Median Sold Price |
$112,750 |
Active & Solds September 2009
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384 listings: |
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38 Sold listings: |
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Median List Price |
$399,900 |
Median Sold Price |
$268,762 |
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Private Owned |
358 listings |
Private Owned |
27 Sold |
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Median List Price |
$439,450 |
Median Sold Price |
$326,250 |
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Bank Owned |
26 listings |
Bank Owned |
11 Sold |
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Median List Price |
$159,900 |
Median Sold Price |
$142,900 |
Active & Solds October 2008
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333 listings: |
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21 Sold listings: |
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Median List Price |
$444,900 |
Median Sold Price |
$238,500 |
November 1, 2008 – October 31, 2009
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627 listings: |
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315 Sold listings: |
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Median List Price |
$350,000 |
Median Sold Price |
$260,000 |
November 1, 2007– October 31, 2008
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556 listings: |
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244 Sold listings: |
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Median List Price |
$389,950 |
Median Sold Price |
$320,000 |
Birmingham Market Analysis compares only median sold price of residential homes sold in October 09 with September 09 & October 08; year ending October 08 with yr ending October 09. It shows all homes sold then private owned vs. Bank Owned/HUD. To exclude leases in data, minimum sale price used was $15,000.
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Market Analysis for Birmingham September 2009
Market Analysis for Birmingham August 2009
Market Analysis for Birmingham July 2009
Market Analysis for Birmingham June 2009
Market Analysis for Birmingham May 2009
Market Analysis for Birmingham April 2009
Market Analysis for Birmingham March 2009
Market Analysis for Birmingham February 2009
Birmingham Michigan January 2009 Market Analysis
Oakland County Market Analysis for July 2009
Oakland County Market Analysis for June 2009
Oakland County Market Analysis for May 2009
Birmingham Michigan Realtor selling Oakland County Real Estate. TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.
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One of the most important things about being a short sale Realtor having quality content about short sales that sellers can read on-line. Often, Short Sale Sellers, do not want to call a Realtor first. They want to learn as much as they can before deciding which agent to work with. Make sure you have good on-line content and you clients will be happy to work with you.
Content like:
Below is a link to my Short Sale website and a copy of the home page below that.
http://www.shortsaleoaklandcounty.com/

Mike Sher
Office: (248) 644-4700x242 Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302
E-mail: mike@mikerealtor.com
Blog/Profile: http://activerain.com/mikerealtor Web: www.mikerealtor.com
Linkedin: http://www.linkedin.com/in/mikesher CDPE: http://hosted.cdpe.com/MikeRealtor/
he Mike Realtor Team Blog - Metro Detroit/Oakland County
Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City
But, We Can Help!
This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.
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Going From Mark-To-Market to Mark-To-Make Believe!
By Robert Pliska
Have we gone from "mark-to-market" to "mark-to-make believe"? The FDIC just released its policy statement - Prudent Commercial Real Estate Loan Workouts. The FDIC's purpose is provide transparency and consistency to commercial real estate workout transactions and not curtail the availability of credit to sound borrowers. While the FDIC's intentions are honorable, the policy may provide the opposite effect - lack of transparency and consistency and extending the lack of credit to sound borrowers.
The key point of this policy statement is - loan workouts need to be designed to help ensure that the institution maximizes its recovery potential. Renewed or restructured loans to borrowers who have the ability to pay their debts under reasonable modified terms will not be subject to adverse classification solely because the value of the underlying collateral has declined to an amount that is less than the loan balance. So if the borrower and/or its guarantors can still make the payment and the financial institution would prefer to extend the loan rather than take a loss, the fact that the property is worth less is not the determining factor.
The loan can be in good standing if the borrower/guarantor can show that they can still make payments. New appraisals need not be ordered if an internal review by the institution appropriately updates the original appraisal assumptions to reflect the current market and provides an estimate of the fair value for impairment analysis. Documentation should demonstrate a full understanding of the property's current "as is" condition. However, if the institution intends to work with the borrower to get a property to "as stabilized" market value, then the institution can consider the "as stabilized value" in its collateral assessment for credit risk rating. This seems to be heading far to the "make believe" area. Just present a "good story" and the institution can buy a lot of time.
This "good story" accounting will provide more of a lack of transparency and consistency. Two people, for example, can tell a "good story" much differently. It will probably make the FDIC's job more difficult. In the 1990's, for example, banks in Japan were allowed to avoid taking losses and write-downs. The result was an entire decade of stagnation. The steps by the FDIC could create a parallel situation. This may extend the time of lack of credit to borrowers. Let's get back to reality rather than "make believe". Hopefully, our commercial real estate problems may be resolved sooner. For further discuss ion of this topic, feel free to contact the author Robert Pliska, CRE, CPA.
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Great news for all of you Buyers & Sellers!!! The Home Buyer Tax Credit is out and looks great.
Buyers:
Sellers:
Read below for more details below from NAR

Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/ Office: (248) 644-4700x242 Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302
E-mail:mike@mikerealtor.com
CDPE (Certified Distress Property Expert) MCAR,
Short Sale Trainer Max Brook and Real Estate One Short Sale Specialist.
The Mike Realtor Team Blog - Metro Detroit/Oakland County Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc.
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Be Positive and Opportunistic!
In commercial and residential real estate like other areas of business, there are many reasons to be negative. Yet, there are ways which we can be positive and opportunistic! This short short 2 minute video may be of assistance to brighten your day! Have a little faith! Be Positive and Opportunistic
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