Buyers or Sellers’ Market? Take a Look!

The first quarter County Market Reports are further proof of what we are seeing every day: sales are picking up and inventory is getting scarce. Seven of the eight markets tracked showed sales unit gains over last year. Declining home inventories are moving all areas closer to a seller’s market, with many of the lower priced areas already crossing the seller’s market barrier (under three months of inventory). The vast majority of areas are sitting in a neutral market. When we examine those neutral markets, we see about one-third of the market in a solid seller’s market with multiple bids and two-thirds still sitting at a buyer’s market, typically because of price or condition. Even in the upper-end markets, where we still see inventories in excess of 12 months, the one-third/two-thirds pattern still follows and is even more pronounced since overpricing tends to be more prominent in the over $400,000 price ranges.

Specific to West Bloomfield, there were 70 sales in the month of March.  Fifteen of these sales were for lease properties, another indication that buying homes to lease out can be a great investment! The remainder of the home sales in West Bloomfield within the month of March ranged from $35k-$885k. Another month that the sale prices were far reaching, with a combination of bank foreclosures, short sales and of course, “real people” sales.

Also, within the West Bloomfield market, properties listed under $200k are now considered to be within a sellers’ market due to the amount of inventory, or really the lack! The properties listed between $200-$400k are considered to be in a normal market and the higher priced properties are still considered to be in a buyers’ market.

For a specific market analysis for your neighborhood, don’t hesitate to contact us!

• Ilene Mitz can be reached at 248-752-2330 cell, mitzireo@gmail.com
• Loren Stewart can be reached at 248-622-8999, lorenreo@gmail.com