Birmingham, Michigan Real Estate Market - Third Quarter 2006 Analysis and Statistics
Published September 30th, 2006 in Birmingham MI Real Estate, Market Updates.We are constantly looking at new listings and new sales in the MLS. Homes are selling every day. There is good news in this market. While the days on market have almost doubled since last year, we are seeing higher average sales prices and higher median sales prices. Higher end homes are selling as well. There just happen to be more of them out there.
Today there are 689 single family homes and condominiums on the market in Birmingham. 333 homes and condos have sold since January 1, 2006. We just took a look back at 2005, and there were 336 sales during the first three quarters. With all of the economic doom and gloom we hear every day in Southeast Michigan, we think that flat sales are GREAT news, and a message that most people are not hearing. Heck, everyone’s got a cocktail party story about their friend who can’t sell his house. But there are some very powerful tools for combating many of the conditions in our market right now.
The statistics here show clearly that many sellers are not finding buyers as quickly as they have in previous years. Though this might not sound like the advice of someone who supports her family selling homes, I would advise any potential seller who is not completely committed to selling to not put his or her home on the market now. Unless you are committed to a realistic price (ask your Realtor, nobody knows the market better); have the place in tip-top condition; and are prepared for the inconveniences of showing your home, you may as well just wait until some of the oversupply in the current market is absorbed. This is not a market for testing the waters. It will turn around. It always has.
There has never been a better time to be a buyer
For those with nothing to sell, there are very few reasons not to be a homeowner today. Even those who do have a home to sell have a great opportunity, especially if they are moving “up.” Interest rates have been falling in the last few weeks and there are many beautiful homes on the market. As a matter of fact, we have two we’d love to help you buy:
- 825 N. Glenhurst - the best deal in the sought after Quarton Lake neighborhood. Updated and close to the school and park. Take a look at it on www.825Glenhurst.com.
- 663 Purdy - In-town home that combines sophistication and coziness with aplomb. New to the market with extensive work in the last 2 years. You’ll find it at www.663Purdy.com
Birmingham Michigan Third Quarter Real Estate Statistics
We’ve got lots of other great tips for home sellers on our blog, MiOaklandCounty.Com and our web site, MiBirmingham.com. Marketing Birmingham homes is our specialty. Please call us at 248.961.0801 if you would like a consultation about buying or selling a home.
Coming soon: Bloomfield Hills, Beverly Hills, Troy and Royal Oak. We are going to a quarterly format on market reports and they will be spread out over the next few weeks.
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Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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I wish the general public got to hear this message more often, instead of the mainstream media’s “the sky is falling†bubble talk we always seem to get. I too, am in an area where home values haven’t really been hurt. That being said, your advice about being completely committed to selling before you list your home is sound and often repeated by myself.