Uptick in January Sales Indicates a Mutually-Beneficial Market

Continuing from the last quarter of 2011, January showed positive growth signs with pending sales jumping compared to last January. Values per square foot moved up in most price categories, with even the upper end showing positive movement. Even with a slight increase in new listings, the supply of inventory has dropped. The percentage of new listings that are bank-owned has reached a two-year low but that is expected to rise as the year goes on as lenders finally begin to release their inventories.

Buyer activity has grown as well over the past 90 days, with the number of property showings up 3 percent and the number of open house visitors up 20 percent (certainly influenced by milder weather compared to last year). That means our spring selling season may get a head start this year! 

West Bloomfield

Specifically in the West Bloomfield area, there were a total of 58 homes that sold in January. This includes residential homes and condominiums and the type of sale is inclusive of bank foreclosures, short sales and “real people” sales.  

So — what does this all mean? 

Right now, we are in a very interesting market.  As you know, it has been a buyers market for some time.

At the present time, inventory of "good, clean homes" are at a premium. This means that a house that is not a short sale or a foreclosure is in demand. Buyers are realizing that not all good deals are in distressed properties. They (the buyers) do not want to, or have the patience to, wait for three months for a short sale to be approved and then, sometimes, to find out that it hasn’t. They also do not necessarily want to go into that foreclosed property and have to completely renovate it to make it habitable again. These scenarios are not always the case but more and more, we as Realtors, are experiencing this.

The good homes are selling quickly — and, when priced right, are attracting multiple offers.

If you are considering selling your home, now is the time to give us a call. If you are considering buying, now is the time to call! We hardly ever get to say it, but these days the market is benefiting both Buyers and Sellers now.

We would be happy to provide a snapshot of your particular subdivision if you are wondering what your home is currently worth.

Now is also the time that everyone will be receiving their tax assessment bills. If you would like us to do some research for you and see if we can get your taxes lowered, give us a call!