This is a brief snapshot of the Northville real estate market year-to-date, and what it means for YOU!
The Northville real estate market has been right on track with the national market: Higher prices and little for sale.
As of October 1, the overall average home value is up 5%. On the other hand, the number of homes sold is down 3.5% . This is normal, because less homes for sale means buyers will pay more for the ones that are.
Northville condos have been more versatile than residential homes: Condo sales have seen a value increase of 12.8% and have seen the number of sales decrease by 5.9%. Residential sales have only seen a value increase of 0.75% and have seen the number of sales decrease by 1%.
The Northville real estate market is doing exactly what we expect it to do. If the Feds decide to keep interest rates low when they meet next month, then there will still be a large group of buyers who are ready to take advantage those rates. Price increases typically mean more homeowners are going to want to sell, but so far that hasn’t been the case (read more about this here). That could change if prices continue to increase, which will make 2017 a busy year.
For now, expect the amount of homes for sale to go down more as the cold months approach and prices to remain on a steady incline. If you’re a homeowner in Northville, right now is a great time to take advantage of the lack of competition.
*All figures and estimates are based off of data from © Realcomp II Ltd. Figures are derived from month by month figures from 2015-2016 and are all based on a YTD basis. If you have any questions or comments, please contact me at adam@dimora.com.
Adam Somers
Real Estate Consultant
(734) 751-5508
adam@dimora.com