Novi real estate market update - 11.29.2009

Real Estate Agent with Real Estate One 6501304423

Current there are 229 Novi homes for sale as November 29, 2009.  The least expensive home is $59,900 and the most expensive Novi Luxury home is 3.99 million dollars.  The average time on the market is 204 days.  Of these 229 homes there are 50 Novi short sale homes.  These 50 homes have been on the market an average of 166 days.  Out of all these Novi homes for sale there are only 12 Novi foreclosures.  Overall there are not very many foreclosures in Novi.

I am going to break down the list of Novi homes for sale by price range.

Currently there are 18 Novi luxury homes that are listed over a million dollars.  Two of those Novi luxury homes are short sales.  The average time on the market for Novi luxury homes over a million dollars is 242 days.  In the last year only 3 homes have sold.  So that basically means that we have a six year supply of luxury homes for sale in Novi.  Those three homes that sold in an average of 160 days.

There are 62 Novi homes for sale under $200,000.   Out of the 62 homes there are 7 Novi foreclosures, and 22 of them are short sales.  The average days on the market is 167 days.  But the interesting fact is that 127 Novi homes have sold in the last year.  And the average days on the market for these sold homes is 98 days.  What that means is that Novi homes under $200,000 are selling in about 3 months if they are priced right.  If not they will be sitting on the market for about 5 months. 

In the $200 - $500,000 price range there are 105 Novi homes for sale under $500,000.  The average time on the market is 184 days.  Out of the 105 homes 5 are foreclosures and 21 are short sales.  In the last year there were 225 Novi homes that sold in the 200-500,000 price range.  Which means we really only have a six month supply of homes for that price range.  But they were still taking an average of 131 days to sell.  So the bottom line is that when you get up into the $200,000 - $500,000 range it will probably take up to 6 months to sell.

I hope this give you an idea of what the Novi real estate market is like.  if you have any questions feel free to call me with questions.   

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Russ Ravary

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