The real estate market in Bloomfield Hills Michigan

Just north of Birmingham, Michigan which I reported on last, is the City of Bloomfield Hills, Michigan, which,with Birmingham, takes up quite a bit of Bloomfield Township. This is another of our local upscale areas, with large homes on estate sized lots. Home prices in this area have held up better than in other areas in the region, and the media sale price is very sensitive to the inventory level - as more inventory came on the market in mid-year last year prices tumbled; however, as the inventory sold off and wasn't replaced the median sale prices rose again.



(NOTE: the Inventory scale on the chart above reads between 52.5 to 85.0)

The inventory has fallen dramatically since the start of the 4th quarter. Since January there have been only 6 sales with a Median sold price of $486,500 and an average sold price of $671,767. The sales ranged from a low of $240,000 to a high of $1,800,000, with an average days on market of 156 days. There are currently 81 homes listed with a median list price of $1,250,000 and a high price of $6,500.000. They have been on the market for an average of 283 days.

If you'd like to see homes in the Bloomfield Hills area, give me a call or if you live in Bloomfield Hills and want/need to sell your home call me for a market analysis of what your home might be worth on today's market.

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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/