Detroit Real Estate

Here is a quick Northville real estate update.  You can get get the information from the table below where it breaks down the information by price points.  Currently there are 148 Northville homes for sale that have been on the market an average of 225 days.  The lowest price of a a piece of Northville real estate was $75,000. 

In the last 30 days 19 Northville homes have sold.  The average time on the market was 117 days

In November 35 Northville homes sold that had been on the market an average of 121 days.

In November 20 Northville homes sold that had been on the market an average of 87 days.

In September 31 Northville homes sold that had been on the market an average of 91 days.

So basically in the last 4 months the homes that sold in Northville have sold on the average between 3 and 4 months.  So this table basically tells me that some of these homes are over priced for the condition they are in.  They have been on the market  too long.

Currently Northville & Northville Township has a 5 to 6 month housing inventory.  As a general rule, 5 to 6 months of inventory is considered to be a normal or balanced market. Over 6 months of inventory and we have buyer's market. Less than 5 months and we have a seller's market. The smaller the available inventory, the tighter the market is. Keep in mind that these are simply guidelines and will differ from market to market.

I hope you enjoyed this quick update of January 2011 Northville real estate update.  If you have any questions feel free to call me or email me.

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