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Novi, Michigan Real Estate Recap for 2007

By Rob Chubb

Real Estate Agent with 3DX Real Estate - Michigan

February 06, 2008 12:10 PM

There was a total of 483 residential homes and condominiums SOLD in Novi in 2007.

The lowest priced being a 2 bedroom/1 bath condo for $69,900. The highest priced was a 6 bedroom, 3 full and 2 half bath home for $1,900,000.

Residential Summary - 2007
Sold Listings: 352	Average Sale:$359,835	Average Sale $/Sq Ft: 131.26	Average Market Time: 139.85

Condo Summary
Sold Listings: 131	Average Sale:$177,825	Average Sale $/Sq Ft: 117.56	Average Market Time: 175.60

All Listings
Total Listings: 483	Average Total DOM: 149.55
	High Value	Low Value	Average Value
List Price:	$1,900,000	$69,900	$329,210.87
Sale Price(Sold):	$1,900,000	$69,900	$310,469.83

These numbers show an improvement over 2006. In 2006 there were a total of 417 residential homes and condo SOLD.

What does this mean? Quite simply, things are turning around ... finally. Here is the Summary from 2006.

Residential Summary - 2006
Sold Listings: 259	Average Sale:$358,636	Average Sale $/Sq Ft: 141.71	Average Market Time: 108.80

Condo Summary
Sold Listings: 158	Average Sale:$176,002	Average Sale $/Sq Ft: 128.22	Average Market Time: 135.53

All Listings
Total Listings: 417	Average Total DOM: 118.93
	High Value	Low Value	Average Value
List Price:	$1,565,468	$84,000	$301,127.28
Sale Price(Sold):	$1,447,000	$72,000	$289,436.43

You can see that the average sale price for Residential property increased, as did the market time. We see the same patten for condo sales.

Overall this is great news for Novi. Novi is a community that continues to increase in population, and is a popular destination for new business. Novi, MI provides excellent schools, community involvment, youth programs and more. You can read more about Novi at www.cityofnovi.org.

When you're ready to make a purchase, that's when you need a top rated Realtor ... me! I am a Realtor with Real Estate One, Michigan's largest and #1 real estate company. I provide buyer and seller services. Call me at 248-348-6430 ext. 223 or email me at rob@realestateone.com.

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