Bloomfield Michigan Real Estate - Bloomfield Township Residential Market Report for September 2009

The Bloomfield Township residential 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 September 2009, there were 444 single family homes for sale, 54 homes sold, 43 went under contract (pending) for a total of 58 pending (some have been pending for more than 30 days.)

SUMMARY: ACTIVES: 444 PENDING: 43 in September (total 58) SOLD: 54

ACTIVES: Of the 444 homes on the market during September, 95 were new listings, 25 were CCS (contingent continue to show) mostly awaiting bank approval. 15 listings were bank-owned and 59 were offered as short sales. The list prices ranged from $64,900 to $6,800,000 with an average of 246 DOM (days on the market). 90 (approx. 20% of actives) homes had asking prices above $1,000,000.

PENDINGS: 43 homes came under contract during the month of September for a total of 58 pending sales. The other properties have been pending for longer than a month. Of those 43 that came under contract during September, 15 were bank-owned and 4 were short sales. List prices ranged from $69,900 to $2,999,000.

SOLDS: 54 homes sold during the month and reflected a price range of $76,900 to $1,200,000. 25 were bank-owned and 4 were short sales. The average list price was $382,751 with an average sold price of $341,018, an average of 113 days on the market. Average list/sold ratio=89%.

ABSORPTION RATE: 8 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.

COMPARISON: The absorption rate currently is 8 months compared to August's rate of 15 months. This reflects the decrease in available homes and the increase in buying that occurred during summer. Buyers have been active, recognizing the availability of affordably priced homes. The market remains a buyers' market but with declining inventory and attractive pricing, buyers should be prepared to make good offers and be ready for multiple offer situations.

If this trend continues, the market could be stabilizing.

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 to

(248) 971-0711 or email me at LSchomers@Century21.com.

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