Farmington Michigan real estate market update December 2014

In the last year 1181 Farmington and Farmington Hills homes have sold. There were another 312 homes that were rented. There were two homes that sold for over a million dollars in Farmington Hills in the last year.

The cheapest home in the city that sold last year was 22115 HAYNES Avenue, Farmington Hills 48336. It was a 2 bedroom, 1 bath ranch home on a crawl space. It was only 749 square feet and had no garage. It was a fixer upper and was located south of 9 Mile Road and east of Orchard Lake Road. It took 3 1/2 months to sell.

The most expensive home in these communities was 32685 ROCKRIDGE Lane, Farmington Hills 48334. The house had been on and off the market with various realtors since 2011. It originally started at $3.3 Million and sold this year for $2,427,500. It was a 10,978 square foot luxury estate home with six bedrooms, six full bathrooms, and three 1/2 baths. Here is a description of the home.

MAGNIFICENT AWARD WINNING ESTATE ON PRIVATE 2.4 ACRE WOODED SITE. BUILT WITH THE FINEST OF MATERIALS & CRAFTSMANSHIP. GRAND 2-STORY MARBLE FOYER, DOUBLE CURVED STAIRCASES, BRASS & IRON RAILINGS. MAHOGANY SOLID WOOD DRS & CRYSTAL KNOBS. 24 KARAT GOLD PLATTED FIXTURES. 2-STORY LIVING RM. GOURMET GRANITE KITCHEN, DOWNSVIEW CABINETRY, 2 SUB-ZERO REFRIGERATORS, 4 FREEZER DRAWERS, MIELE, DACOR & KITCHEN AID APPL. ITALIAN MURANO GLASS FIXTURE. LRG WALK-IN PANTRY. CATERERS KITCHEN. LIMESTONE & GRANITE FIREPLACES. 2-STORY HONDURAS MAHOGANY LIBRARY & ART GALLERY. LUXURIOUS 1ST FL MASTER STE, PLANTATION SHUTTERS, CUSTOM BLT-INS. MARBLE MSTR BA W/ MOTHER-OF-PEARL INSERTS, CRYSTAL SINKS, ULTRA TUB, DUAL MAHOGANY WALK-IN-CLOSETS. 2ND FLR WHITE OAK FLRS, ALL BEDROOM STES, PRIVATE WALK-OUT BALCONIES. DAYLIGHT LOWER LEVEL DOWNSVIEW KIT, TWO BANQUETS, 11 SEAT HOME THEATER, STUDIO APARTMENT, MIRRORED EXERCISE RM, OFFICE, SKY-LIT LAP POOL/HOT TUB. ELEVATOR, 6 FP’S, 5 CAR HTD GAR. ORIGINAL COST $5,000,000

So that is the highest and lowest homes that sold in 2014. It was a good year in the Farmington real estate market homes are selling. Home prices did rise a little this year,but no where near the rise that we saw in 2013. We have seen a slow down in the over all market since August. A bigger slow down than many home sellers and realtors expected.

Right now there are 241 homes for sale in Farmington Hills and Farmington MI. They have been on the market an average of 125 days. The market data shows that we should only have a 3 month supply of homes. Yet the average is 125 days. What that tells me as a realtor is that either the homes are overpriced for their condition and for the market we are in. With a slowing of the real estate market sellers are going to have to adjust their list prices or if they are unwilling to sell at that price.....pull it off the market. For first time home buyers thinking of moving to Farmington Hills it is a good time to buy. You should be able to negotiate a little more than we would have six months ago. However if a home that has been updated and is move in ready comes on the market it still will be a highly desirable property to many home buyers. So you may not be able to negotiate much if you really want the home.

I hope this Farmington Hills real estate market update explains what is going on in the market. May the New Year bring health and happiness to you and your family. Russ Ravary your Metro Detroit realtor. (248) 310-6239