2011 has been a better year for residential real estate sales in Beverly Hills than 2010. We’ve seen increasing prices and a shorter market times. The average sold price has risen 6.6%, from $195,500 to $208,000. Average Days on Market has fallen from 100 days to 96. The number of sales in the first half of both years was almost unchanged at 89/90, but in our opinion, this is primarily because there is an overall shortage of inventory this year. There are buyers out there right now who simply are not able to find a house they want.
Prices would rise faster if appraisals could keep up. So far this year, the highest closed sale in Beverly Hills was 19070 Bedford, a lovely 3 bedroom colonial that our office had listed. The buyer paid $490,000 for the wonderfully updated 3,000 square foot home.
We’ve compiled a free report with all of the single family home sales in the Village of Beverly Hills, MI in the first half of 2011 that is available for download.
If you are considering a move to or from Beverly Hills, we would be delighted to help you.
The chart below is for all of area code 48025, so it encompasses, Beverly Hills, Franklin and Bingham Farms. It illustrates our contention that prices are on the rise and inventory has fallen.