Northville, MI

The following is a monthly market analysis for Northville & Northville Twp., Michigan. It compares only residential homes sold in Feb. 2009 with Jan. 2009 to determine the # of homes sold for the month and the increase/decrease in average sold price. It also distinguishes how many homes were recorded to be Bank Owned/HUD. as opposed to private owned. First figures include all homes--private, bank owned and short sales. In the latter part of 2008, Realtors were required to categorize ownership status so figures were not accurate and not calculated for bank owned Feb. 2008 or YTD. To insure that most leases were not included in data, minimum sale price used was $12,000.

Market Analysis

Feb. 09 median sale price decreased 17% from Jan. 09 & a 3% increase # of homes sold. Bank owned homes median price decreased 18% in Feb. 09 from Jan. 09

Feb. 09 median sale price decreased 23% from Feb. 08 & 16% increase in # homes sold. Bank owned homes median price decreased 32% in Feb. 09 from Feb. 08

Medium Sale price yr ending Feb. 2008 compared to yr ending Feb. 2009 decreased 16%;

Statistics rounded to nearest % -compiled from RealComp II data believed to be reliable.

Active & Solds February 2009

293 listings:		19 Sold listings:
Average List Price	$538,937	Average Sold Price	$351,968
Median List Price	$435,000	Median Sold Price	$325,000
Highest List Price	$3,999,000	Highest Sold Price	$606,375
Lowest List Price	$45,000	Lowest Sold Price	$127,000
Avg. DOM	200	Avg. DOM	115
Bank Owned	18 listings	Bank Owned	4 Sold
Median List Price	$272,700	Median Sold Price	$307,500
Avg. DOM	99	Avg. DOM	55

Active & Solds January 2009

288 listings:		14 Sold listings:
Average List Price	$545,934	Average Sold Price	$394,500
Median List Price	$444,220	Median Sold Price	$392,500
Avg. DOM	211	Avg. DOM	332
Bank Owned	16 listings	Bank Owned	2 Sold
Median List Price	$252,750	Median Sold Price	$373,000
Avg. DOM	111	Avg. DOM	106

Active & Solds February 2008

290 listings:		16 Sold listings:
Median List Price	$444,220	Median Sold Price	$422,000
Avg. DOM	200	Avg. DOM	110

March 1, 2007 - Feb. 29, 2008

558 listings:		284 Sold listings:
Median List Price	$449,900	Median Sold Price	$435,000

March 1, 2008 - Feb. 28, 2009

566 listings:		292 Sold listings:
Median List Price	$401,875	Median Sold Price	$365,000

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Northville Realtor selling Real Estate in Southeastern Michigan. TishHouse sells Houses - selling Wayne & Oakland County Real Estate 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.

Q. I want to move to a bigger house but every agent I talk to tells me I won't get what I want. It's not that I "want" it, I need it be able to make a move.

A. If you're serious about selling, better to price where the market is selling rather than 'chase the market down', by continuing to reduce your price. This usually results in a longer time on the market plus a perception by buyers that there is something 'wrong' with your house because it has been on the market so long.

That said, you can ask whatever you want for your home. The rub comes after you've found a willing and able buyer ready to pay your price because your home needs to appraise for the selling price. Appraisers will use the very same comparable homes that the agents have shown you.

Remember, the beauty of this market is that although you'll take a hit on your home, you'll also be paying a lower price for your new home!

I just read another post about blogging and they labeled one of them "SPINACH POSTS" It came to mind that I am one year clean! Yep I have made it one year without the dreaded kidney stones. For two years in a row I have gotten kidney stones. Last year I had to have them surgically removed.

But last year they explained what I needed to do. How to change my diet. Now that was tough. It seemed I had to give up everything I loved. I was just really starting to love chocolate. For years I didn't eat a lot of chocolate but I was eating chocolate every week the last couple of years. I used to love it when we didn't get a lot of trick or treaters. I got the leftover candy bars. But they have taken all of that away from me.

And I love strawberries. Strawberry shakes, strawberry shortcake, strawberry margaritas. Give me strawberries any way and I will eat them. But they build kidney stones. No more strawberry margaritas.

And my wife is Italian. I was finally starting to enjoy eating handmade meat and spinach raviolis. They take hours to make them and we scarfed them up on New Years Day. We eat dozens of those handmade ravs on New Years Day. But spinach is off the charts on what not to eat when you have kidney stones. Another favorite food taken away from me.

They say you can eat everything in moderation and if you drink lots of water. But after the second time of having kidney stones I am being extremely cautious. I was in extreme pain for 36 hours until they surgically removed those kidney stones last year.

But I am one year clean and happy as can be. So my advice to you is to enjoy the food and drink while you can until the doctor says you can't have that anymore.

Enjoy life while you can.

Northville Real Estate

Currently there are 145 Northville condos for sale and 28 condos for lease. There is about a 12 month supply of Northville MI condos for sale on the market. But are they selling? They are.

In the last 6 months there have been 71 Northville condos that have sold. Sometimes people call condos town homes and intermix the usage. Or ranch style condos. The average time on the market for them were 177 days.

Let me give you some examples.

There was Springwater Park condo that was on the market for 61 days.

• Original list price was $159,900
• Final list price was $139,900
• Final sold price $131,000

There was a Country Club ranch style condo that was listed for a 100 days before it sold.

• List price $225,000
• Final sold pric $202,500

The cheapest Northville condothat sold was $18,500. Yes you heard me right $18,500 was the bargain Northville condo. It was a Northville condo foreclosure being sold by the bank

• Original list price was $36,900
• Final list price was $29,900
• It was on the market for 3 months

The highest price Northville condo was sold in the Villas at Northville

• originally listed in 11/07 for $549,975
• final list price was $489,995
• final sold price was $460,245
• Days on the market 290 days
• This looked like a new built sold by the builder

Whereas one of the less expensive Villas at Northville sold in 249 days.

• Original sales price for the home was $376,975 from the builder
• Tried listing it at $379,000
• Finally got the listing price down to $249,900
• Sold for $250,000 with $12,500 in concessions
• So the net sales price was $237,500 after you took out the concessions
• it was a corporate relocation
• there was only a 208 square foot difference between this one and the one above

Corporate relocations and Northville foreclosures are still the way to buy Northville condos if you can. There are many bargain condos out there.

If you are selling your Northville condo or a condo in any city you will notice that prices have dropped dramatically. So if you truly want to sell your condo and move on with life you have to make a gut check. You have to look at the recent sold price in the condo complex and price your condo accordingly. I know it is tough, I know it is sickening how low the prices are for Metro Detroit Condos. But if you price it high the condo will sit for a very long time on the market.

Then if the real estate market continues to drop because of the Detroit economy you will get even less for the condo a year from now. People are not stupid. They are buying the nice condos for very reasonable price. So no matter how nice your Northville condo it is not going to sell at an absurd price.

Search Northville MI Condos for sale

Comp, listing info, and photos provided courtesy of Real Comp II Ltd