The Bloomfield Township Condominium market report reflects information for the township only. The market continues to move slowly, with the inventory of distressed properties appearing to decline. The information does not include any private sales. Information compiled from data provided by RealcompII and is deemed reliable but not guaranteed.
During August 2009, there were 138 condos for sale, 11 sold, 5 went under contract (pending) for a total of 64 pending (some have been pending for more than 30 days.)
SUMMARY: ACTIVES: 138 PENDING: 5 in August (9 total) SOLD: 11
ACTIVES: Of the 138 condos on the market, 25 were new listings, 3 were CCS (contingent continue to show) mostly waiting bank approval, 6 were bank-owned, and 13 were offered as short sales. The list prices ranged from $28,900 to $950,000 with an average of 262 DOM (days on the market).
PENDINGS: 5 condominiums went under contract during the month of August for a total of 9 pending sales. The other properties have been pending for longer than a month. Of those 5 that came under contract during August, 2 were bank-owned and 1 was a short sale. List prices ranged from $26,000 to $299,000.
SOLDS: 11 condos sold during the month and reflected a price range of $30,000 to $265,000. 6 were bank-owned and there were no short sales. The average list price was $125,200 with an average sold price of $114,582 and an average of 100 days on the market. Average list/sold ratio=91%.
ABSORPTION RATE: 12.5 months. The Absorption Rate, is the rate at which properties 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 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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