Novi Michigan Real Estate Market General Area Update July 2015
Thank you for stopping by our Novi Michigan Real Estate area update. The market has been very strong in 2015 for the general Novi area (Farmington Hills, Northville, Commerce Twp, Livonia, South Lyon, Plymouth and Canton) as it has been for the past few years. For more local real estate information feel free to visit any of our websites www.BobandTeena.com, www.RealEstateBusyBees.com and www.NoviRealEstateOnline.com anytime. If you have any specific real estate related questions or concerns please feel free to contact us at 734-578-6561 or email BobandTeena@yahoo.com.
Market Report – June 2015
10 Year Records…..
• Median Sales Price of $160,000
• Number of Units Sold, 7,274
• Days on Market was only 43 Days
Highlights and Analysis
• Median sale price for All MLS sales increased to $160,000 – up 10%
• All MLS sales were up 14% from 6,375 to 7,274.
Synopsis of Inventory
• Average Days On-Market stayed exactly the same, 43 days
• The on-market inventory increased by 2% from 23,862 to 24,296.
• 6% of our inventory is designated as a bank foreclosure
Over the Last 10 Years…
• June sales reached a 10 year high last month at 7,274
• June sales reached a low 2007 at 4,723.
• June DOM reached a high in 2008 at 121
• June DOM reached a ten year low last month at 43 days.
• June Median Sales Price reached a ten year high last month at $160,000
• June Median Sales Price reached a low in 2009 at $56,000