Of course the trend line for inventory is down, too; which is also consistent with the Southeastern Michigan market trend. So far in February 80% of the 5 homes that have sold were distressed properties and 68% of the total of 17 homes that have sold in 2010 were distressed. Apparently we are still selling of the foreclosure inventory in the Brighton market.
The Median sale price so far in 2010 is $128,000 and the days on market for those that have sold in 2010 was 80 days. That can be a bit deceiving, since the days on market for the current active inventory of 184 homes is up around 179 days with a listed median value of $199,900. That gives you some perspective on how slow the upper end of this market is, just like in the other markets that's I've reported upon.
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Norm Werner is a full-time, full-service Realtorâ working out of the Milford office or 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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