I was reviewing some local real estate stats this morning, because that is what I do for fun on Mondays, and decided to see what the cool (and very smart) cats at Altos Research would show me about the Birmingham Bloomfield real estate market.
The chart shows the best news for Birmingham, and my experience on the streets mimics their lovely chart. Birmingham has been seeing a fall off in inventory for a while now and subsequent increases in median prices that come when demand exceeds supply. At least that is what I learned in Econ 101 in college. I hesitate to use the word, but there is actually a shortage of inventory in some Birmingham segments.
I know most of you received your property tax assessment last week and the county is telling you something different. Your taxable rate likely fell once again. This has more to do with the way that taxes are assessed than with the actual value of your home. Taxable values also fell slower than market value, and they will be slower to rise.
Bloomfield Hills did not fare quite as well in the analysis. It’s broken down by zip so you can see the difference between the City of Bloomfield Hills and Bloomfield Township.