Detroit Real Estate

I hope Detroit MI real estate continues to go up in 2011 as it did in 2010.  Not to say that the City of Detroit doesn't have issues in terms of vacant, abandoned buildings.  Some are stripped of anything of value, some have become dump sites, and some have been set fire too.   

But in 2010 the average home sales price did go up.  In 2009 the average sales price was only $11,318.00 and in 2010 the average sales price increased to $14,431.00.  Which is a little better.  Itis much harder to find the absolute steals of homes under $7,000.  Now you would have to pay closer to $10,000 to get a nice home.  Investors have flocked to buy the cheap rental homes. 

Though many rental homes still sit vacant.  Many City of Detroit residents have migrated to the suburbs to rent the many homes that home owners can't sell because they are upside down.

Owning and renting Detroit real estate is still hard.  You have to be a good landlord and stay on top of the home being vacant.  Theives are still stealing the copper, furnaces, and hot water tanks out of vacant homes so you most likely would have to replace them.

Even the average days on the market has gone down a little.  In 2009 it was 81 days now it is 70 days.  Of course Detroit home prices can not rise dramatically because any bank loaning in Detroit is going to look hard at the appraisal.  So there can't be any dramatic rise in prices if a bank is involved. 

Of course this information is only homes that have been sold through the MLS.  For Sale by owners are not included in this data.

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Information provided courtesy of RealComp II Ltd. 

Here is a quick Livonia 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 103 Livonia homes for sale that have been on the market an average of 325 days.  The lowest price of a a piece of Livonia real estate was $11,000. 

In the last 30 days 59 Livonia homes have sold.  The average time on the market was 82 days

In November 77 Livonia homes sold that had been on the market an average of 92 days.

In October 90 Livonia homes sold that had been on the market an average of 94 days.

In September 69 Livonia homes sold that had been on the market an average of 83 days.

In August 93 Livonia MI homes sold that had been on the market an average of 82 days. 

So basically from August to November houses were selling fairly quickly.  Then in December either because of less homes on the market or a weak market the homes started slowing down.  So this table basically tells me that some of these Livonia MI homes for sale are over priced for the condition they are in.  They have been on the market  too long.

Currently Livonia has about a 5 1/2 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.

Right now Livonia MI homes are being snapped up if they are priced right.

 If you have any questions about this Livonia Real estate update feel free to give me a call or email me.

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 Livonia demographics - Livonia real estate

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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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Buck Lake Livingston County MI

 Trailwood subdivision Plymouth MI neighborhood update as of 12/14/2010.

  Trailwood subdivision has about 566 homes Colonial, Ranch, split level, and Cape Cod style homes that were built during 1971 - 1979.  Most of the homes have brick exteriors & brick/vinyl & brick/wood exteriors, 2 & 3  car garages, 3-4 bedrooms,  2 + bathrooms, basements.

The average days on the market for these Plymouth sold homes was 55 days.

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My perserverance quote of the day:

vWhen all the world is looming dark 
And things seem not so clear, 
When shadows seem to hover 'round 
Lord, may I persevere. 



When it seems everything's been tried 
And there's no way to go, 
Just let me keep remembering 
Sometimes the journey's slow. 



I may just need to stop and rest 
Along the path I trod, 
A time to try to understand 
And have my talk with God. 



As I gain new strength to carry on 
Without a doubt or fear, 
Somehow I know things will be right, 
And so, I persevere.  

By Anne Stortz 
from Chicken Soup for the Unsinkable Soul 

Information provided courtesy of Real Comp II Ltd.  Listings shown above listed by various member realtors.

Detroit homes sales prices over 3000 square feet

I recieved this email from a gentleman: 

I'm retiring this spring, and have a desire to settle in Detroit.  I like the Boston- Edison Disrict in particular.  I see a number of REOs in my target area and have researched sale for the past  24 months.  I see 9 sales on W Boston in 7 of the the sales priced at less than 25% of the inital offer, in 1 the sale priced at 63% and in the last the sale price was 79%.  Given this data, How low should I go in my offer??

I responded back:

The key points as you know from your research is the sold price per square foot, whether it was a foreclosure, regular sale, or short sale.  And the last two items you have to consider is the condition of the home versus the ones that sold, and the actual sold prices of the homes in the last six months.  That's how we determine what to offer.   

If it is an updated move in ready home we can't low ball it as low as easily as a run down foreclosure.  We have to compare it with what has sold recently.

He responded back:

 In 08 and 09 you could low ball and win In 2010, an 85%-90% offer is actually customary.

I responded back:

A lot has changed in the last year.  There is a lot more confidence in the economy than there was back then.  People are buying and there are less foreclosures, plus the banks are pricing them right.  When you get close let me know and I will pull all the latest comparables and list prices to see what they are going at.  It might surprise you that they are going so high.

I sent him all the comparables of homes that sold in the last 4 months.  And I was right.  Detroit's larger homes and home prices have stabilized in terms of list price and sales prices.  They are going in most cases within 10% of the sales price.  Some are even going over the list price . Here  

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