Video: Real Estate Community Tour for West Bloomfield, MI
See Real estate community tour for West Bloomfield, MI
Welcome to November's Market Update. Lets take a look at residential real-estate activity in your area during the month of October. The number of active listings was down 31% from one year earlier, and down 14% from the previous month. This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from. As you can see, the median listing price for the month was just under 400-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was down 3%. This lower number of days may signal a positive trend in the local inventory-turnover rate. The median sale price was just under 280-thousand dollars. The number of units sold decreased 16% year-over-year, and decreased 15% month-over-month. Fewer sales could indicate an opportunity for buyers to negotiate better terms. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.