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Wednesday, February 24, 2010

Hows the real estate market in West Bloomfield, Michigan?

I don't track the West Bloomfield, Michigan market on a weekly basis any more. I did that for a couple of years because I used to live there and because I still go back for church there, plus I have lots of friends and prospects in that area. I've had some nice listings in the area and still solicit business there and show houses there quite often.

So, I thought I'd post this update on how the real estate market is doing there. As you can see, the West Bloomfield market has been tracking with the general market trends of declining home values; however, it is one of the local markets that has experienced an upward turn in early 2010, with home valued rising a bit. Whether that turn is just an anomaly or portends a real change in the market, we shall see.



Real Estate Market Chart by Altos Research www.altosresearch.com

As for the inventory, it continues to track downward, which is a good thing - getting excess inventory off the market will help stabilize things. So far in 2010 there have been 89 homes sold (above a cut-off price of $20,000) at a Median Sale Price of $190,000 and after spending an average of 118 days on the market. There are still 472 homes listed in West Bloomfield Township at a Median Listed Price of $263,450 and they have averaged 211 days on the market. I didn't look at the foreclosed and short sale data to see what percentage of the sold homes were in those categories, but if it tracks with the market it would be about 60%. If you'd like more information about homes available in the West Bloomfield market or if you are in that market and would like to know specifically what your home might be worth now, give me a call or send me an email.

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Norm Werner is a full-time, full-service Realtor working out of the Milford office of Real Estate One, Michigan’s largest and most successful real estate company. To learn more about Norm or the local real estate market in the Milford, Michigan area visit one of his Web sites listed below:

For buyers and sellers –
http://www.themilfordteam.com/
For first-time buyers –
http://www.mihomebuyer.com/
For people moving to Milford, Michigan –
http://www.movetomilford.com/
For people in distress with their home –
http://www.mishortsales.net/

For people interested in the history of Milford Michigan, visit
http://www.milfordhistory.org/

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