Market Conditions for Bloomfield Hills

December 2017

Median Sale Price

$406,500

DOWN DOWN -0.85% vs. Month Ago

Homes For Sale

232

DOWN DOWN -29.26% vs. Month Ago

Homes Sold

58

UP UP 5.45% vs. Month Ago

Average Days On Market

35

DOWN DOWN -25.53% vs. Month Ago

Median Sale Price

$406,500

The median sale price for homes in December was $406,500. The median sales price for homes in December fell by ($3,500) compared to last month. This represents a 0.85% decrease from November. Compared to the same month last year, the median price of homes rose by $27,500 representing a 7.25% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale

232

The inventory of homes for sale fell by 96 in December to 232. This represents 29.26% decrease from November when 328 homes were on the market.Compared to the same month last year when there were 350 homes for sale, the inventory of homes for sale has fallen by fallen by 118 representing a -33.71% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold

58

The 58 homes sold in December was 3 more than in November. This represents a 5.45% increase in sales from November. Compared to the same month last year, the number of homes sold decreased by 12, a -17.14% year-over-year decrease.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market

35

The average days on market for a home sold in December (35) decreased by 12 days compared to November. This represents a 25.53% decrease in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold decreased by 15, a -30% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

94.68%

The Sale/List Price Ratio of 94.68% in December rose by 4.43% compared to November and increased 0.71% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes

56

The number of homes listed in December (56) fell by 52 compared to November, a 48.14% change. Compared to December 2016, the number of new listings decreased by 14, a -20% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price

$425,000

The median list price in December was $425,000. The median list price for homes in December fell by ($152,000) compared to last month. This represents a 26.34% decrease from November. Compared to the same month last year, the median list price of homes decreased ($107,000) representing a -20.11% year-over-year decrease.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.