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Monday, May 2, 2011

Milford Real Estate Market Report April 2011

There were 17 homes that sold for more than $20,000 in Milford, Michigan in April, 2011. Of those 35% were distressed sales – either foreclosures or short sales.

The Average Sale Price was $368,556 and the Median Sale Price was $240,000. Those figures (the Average was greatly influenced by one sale for $1,350,000)

In general, home sold for 1.9174 times their State Equalized Value, which is supposed to represent ½ of the assessed value.

Homes sold for an Average of $112/Sq Ft in April.

On average the sales prices were 93% of the asking prices in Milford.

In 2010 the numbers were –

Average sale price - $146,832, and Median sale price - $144,450

In 2010 the average sale price was 1.2949 times the SEV and homes sold for an average of $83/Sq Ft

So, we’re making progress in Milford in getting out of the real estate market malaise. For all of the data on the Milford market, as well as 8 other surrounding markets, go to my Web site – and click on the What has sold locally choice.

Here’s a chart from Altos Research which shows the trends for home sale median values and the inventory level in the Milford market.

Real Estate Market Chart by Altos Research

You can see that late March and most of April were back into positive trends. Perhaps we've seen the inflection point for theis market and not even recognized it at the time.

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