Bloomfield Real estate Talk - December 30 2014

806 Bloomfield Township and Bloomfield Hills Michigan homes have sold in the last year. Another 207 homes were rented. The average days on the market for all the homes that sold in Bloomfield and Bloomfield Township was 69 days. There were 72 luxury homes that sold over a $1,000,000 in the last year. The were on the market an average of 156 days.

The least expensive home that sold in the township was 1280 WAGNER Avenue, Bloomfield Twp that was a slab ranch that was 980 square feet that sold for $30,000. Just by what is sold and that it took six months to sell for I can tell you the home needed quite a bit of work. It was on a 58’ x 120’ lot and was in the Pontiac school district.

The most expensive home that sold in the last six months was 1055 Orchard Ridge Road, Bloomfield Hills that sold for $4,600,000. It was a 10,550 square foot lakefront home in Bloomfield Hills that was on a small lake called Lake Placid. The home has a 4 car garage, 8 full bathrooms, 3 half baths, and 7 bedrooms. It had been on and off the market since October of 2012 and originally started at $6,300,000 in price.

445 of the homes were sold in the last six months. Right now there are 117 Bloomfield homes for sale over a million dollars. They have been on the market an average of 242 days. They are not selling at the prices they listed at. What that tells me that it is a buyers market. Simply because there were only 75 million dollar plus homes sold last year. So basically we have about a year and a half supply of million dollar plus homes. Many home sellers realized that the market was starting to come back. Metro Detroit real estate prices were rising. What many home sellers are not accepting is that prices have not come back to their high points. Prices have come up, but no where near the top prices of 2006 and 2007.

So it does not matter if it is a lake house on Island Lake in Bloomfield or a luxury estate home in Bloomfield Hills you must still price it right to get it sold. It is a hard reality but you have to make your home stand out and continue to lower the price if you really want to sell.

May you have a wonderful New Year.....Russ Ravary your Metro Detroit realtor