Bloomfield Township, MI Real Estate - Bloomfield Township, MI Market Report for August 2009

The Bloomfield Township market report reflects information for the township and does not include Bloomfield Hills or Birmingham. Solds reflect only those homes that have closed and ownership transferred. Information compiled from data provided by RealcompII and is deemed reliable but not guaranteed.

During August 2009, there were 511 single family homes for sale, 33 homes sold, 24 went under contract (pending) for a total of 64 pending (some have been pending for more than 30 days.)

SUMMARY: ACTIVES: 511 PENDING: 24 in August (total 64) SOLD: 33

ACTIVES: Of the 511 homes on the market, 54 were new listings, 29 were CCS (contingent continue to show) mostly waiting bank approval, 24 were bank-owned, and 80 were offered as short sales. The list prices ranged from $44,700 to $3,250,000 with an average of 251 DOM (days on the market). 98 (approx. 20%) homes listed,were above $1,000,000.

PENDINGS: 24 homes came under contract during the month of August for a total of 64 pending sales. The other properties have been pending for longer than a month. Of those 24 that came under contract during August, 13 were bank-owned and 5 were short sales. List prices ranged from $81,000 to $1,599,000.

SOLDS: 33 homes sold during the month and reflected a price range of $30,000 to $1,750,000. 10 were bank-owned and 2 were short sales. Excluding the highest listing, the average list price was $370,319 with an average sold price of $331,028, an average of 187 days on the market. Average list/sold ratio=89%.

ABSORPTION RATE: 15 months. The Absorption Rate, is the rate at which houses for sale (inventory), sell within a given amount of time. For example, if 100 homes sell every month. and there are 1,000 houses for sale, and no other houses come on the market, it will take 10 months to sell the houses that are currently for sale.

This market remains a strong buyers' market.

If you'd like more information for Bloomfield Township, Bloomfield Hills or Birmingham, MI real estate, or for other areas of Oakland or Livingston counties, please feel free to contact me by phone or text at (248) 971-0711 or email me at LSchomers@Century21.com.

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