The Bloomfield Township Condominium market report reflects information for the township and does not include Bloomfield Hills. Solds reflect only those properties that have closed and ownership transferred. Information compiled from data provided by RealcompII and is deemed reliable but not guaranteed.
Inventory is down from last month. September had 114 units for sale, while in August there were 138 condos for sale.The average days on market (DOM) for those properties that did sell went from 100 DOM to 261 DOM. This could be caused by properties that have lingered on the market due to over-pricing or condition, finally adjusting the price or accepting offers in line with market conditions. The average list$/sell$ ratio is also down from last month; September was 88%, while August ratio was 91%
During September 2009, there were 114 condominiums for sale, 11 sold, 3 went under contract (pending) for a total of 6 pending (some have been pending for more than 30 days.)
SUMMARY: ACTIVES: 114 PENDING: 3 in September (total 6) SOLD: 11
ACTIVES: Of the 114 condos on the market during September, 20 were new listings, 5 were CCS (contingent continue to show) mostly awaiting bank approval. 1 listing was bank-owned and 14 were offered as short sales. The list prices ranged from $38,000 to $950,000 with an average of 274 DOM (days on the market).
PENDINGS: 3 condos came under contract during the month of September for a total of 6 pending sales. The other properties have been pending for longer than a month. Of those 3 that came under contract during September, 2 were bank-owned and none were short sales. List prices ranged from $39,900 to $149,900.
SOLDS: 11 condominiums sold during the month and reflected a SOLD price range of $35,500 to $260,000. 3 were bank-owned and none were short sales. The average list price was $140,291 with an average sold price of $123,171, and an average of 261 days on the market. Average list$/sold$ ratio=88%.
ABSORPTION RATE: 10.3 months. The Absorption Rate, is the rate at which houses for sale (inventory), sell within a given amount of time. For example, if 100 homes sell every month. and there are 1,000 houses for sale, and no other houses come on the market, it will take 10 months to sell the houses that are currently for sale.
COMPARISON: The absorption rate currently is 10.3 months compared to August's rate of 12.5 months. This reflects the decrease in available condos and the increase in buying that occurred during summer. This market remains a buyers' market but with declining inventory and attractive pricing, buyers should be prepared to make good offers and be ready for multiple offer situations.
If you'd like more information for Bloomfield Township, Bloomfield Hills or Birmingham, MI real estate, or for other areas of Oakland or Livingston counties, please feel free to contact me by phone or text at (248) 971-0711 or email me at LSchomers@Century21.com.
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