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Thursday, February 25, 2010

The real estate market in Hartland, Michigan

The market chart for median homes values in Hartland, Michigan (in Zip code 48353) looks more like a roller coaster ride at Cedar Point than a trend chart. Hartland is a relatively small market (one might say it is a micro market) where a few sales can cause these big swings in charts like these and it's an area where there is still quite a bit of new-build activity. There was a period there in the 3rd Qtr. of 2009 where developers went on a rampage to get spec-built homes off their books and with incentive offers to complete partially finished new-build homes. Then the bottom fell out in Q4, but started recovering again in late Q4 ands early 2010. Now it looks like it has turned down again.

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

Inventory levels have been tracking downward consistently with a big drop in Q4 and a slight leveling out at the beginning of this year. So far in 2010 only 4 homes have sold with a median sale price of $202, 947 and an average days on market of 331 days. There are currently 48 homes on the market with a median listed price of $224, 950 and they average 285 days on the market.

The Hartland market has also been hit hard by foreclosures and by people trying to do short sales. It is a market populated by lots of people who work (or use to work) for the automotive supplier base, so the reverberations of the automotive industry restructuring are still working their way through this market. There are great bargains on newer build homes in Hartland if you are looking to buy. If you are in Hartland and think you might need to sell, give me a call for a quick market analysis of what you hose may be worth right now.

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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 –
www.themilfordteam.com
For first-time buyers – www.MIHomeBuyer.com
For people moving to Milford, Michigan – www.MoveToMilford.com
For people in distress with their home – www.MIShortSales.net

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

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