Bloomington Hills – St George Real Estate Neighborhood Market Update
UPDATE through End of May 2015 for All of Bloomington Hills: To clarify, our last blog post on Bloomington Hills was just for Bloomington Hills south. Now we look at the entire area of Bloomington Hills for a few months back, to show how inventory levels of recent have dipped and are quite low. When looking at this, think of a resevoir of water. How long would the current reservoir take to empty [or sell] if no more new water [or listings] came onto the market at the current RATE of sales given new listings over sold listings in the prior month or months?
Get MY OWN HOME VALUE instantly on Brian’s site with no hitches.
You can see in this graph depicted how it is that inventory levels remain low for our area. They say a healthy inventory level is about 6 months, and Bloomington Hills looks to be averaging 2.2 exactly from Oct. 2014 until now, or the end of May 2015. You could say it is a HOT market for Bloomington Hills!
In other words, whenever anyone puts something up for sale, it does not last long OR not enough sellers are putting there homes up for sale. The Average Days on Market are indeed low at 58 days to selling, faster than the norm. This latter thing of not enough sellers listing for sale is actually a reality across the nation as well. It has actually made home sales decrease slightly a buyers recoil at the slim pickings. They say nationally one reason is the lack of new construction product as given through smaller lending institutions giving builders loans. I could agree that locally, the lack of new construction options, but only available through the larger builders right now it seems, is driving up those prices and making our “established communities” with good schools look pretty “established” as “predictably safe”.
PRIOR BLOG POST for just Bloomington Hills South:
This is a market update for Bloomington Hills interested buyers, sellers, neighbors or residents.
FACT: From May 1, 2014 to May 1, 2015, 28 properties have sold in Bloomington Hills.
FACT: The highest Sales price was $335,000.
FACT: The average sales price of those 28 properties calculates to $222,121.
FACT: The average days on the market has been calculated at 71 days!
In an upcoming article I, Brian Habel, will share a couple of success stories of helping one family to relocate here into Bloomington Hills south and another family to successfully sell their home at top dollar.
Here are some helpful little numbers that show the supply of active listings in Bloomington Hills south, as to how many sold that month, superimposing that rate of sales onto that months inventory levels.
How do our Bloomington Hills values relate to the real estate market at large? To share our market at large I have some graphs below. I then talk about how they relate to our local Bloomington Hills neighborhood.
OK, this first graph shows a market that is moderating its price changes to be minimal. CoreLogic reports that of Jan. 2015 home price appreciation for the year was at 5.7%. Our local St George real estate market and Bloomington Hills corresponds with the national scene. This first graph shows how prices of homes are moderating to less price changes however. Because the real estate market has been strengthening, home prices have been going up. This is moderating to be less the case in its rate of ascending over the prior year.
Things have been moderating to less extremes and more conscientious selling and buying here in Bloomington Hills where we all know the school system and area is awesome!
Well, local St George Realtors have known that homes have been trending toward less price reductions. This is true for Bloomington Hills. As part of our strengthening market, the graph on the left has shown an increase in foot traffic nationally. The bars along the bottom go from July 2013 towards Feb. 2015 ending.
On the national scene homes sell at about 95% of their full asking price. In Bloomington Hills in the last year, May 1, 2014 to May 1, 2015 the homes have sold for about 98% their asking price. The average selling price per sq ft has been right at about $100 per square foot. So, that means, if you gauge your own home at about average for our area, then you take your square footage and times it by 100 to get what your home is worth.
Be careful not to count the same for basements as you would for the main level. It really depends, but basements will pull around $60-$70 a sq ft… or $70-$80 for walk-out basements, or even more for nicer walk-out basements. Second levels tend to do a little better than basements, but it really depends; some on the area, year built and positioning of that second level, if it provides views or not.
Another thing I wanted to help show is that all the national forecasts have predicted that interest rates have nowhere to go, but to rise. Here are the projections for interest rates- see graph on right. OK, how the interest rates affect everything is really that big smoking gun later on- it could be minimal, like a cap gun or most likely huge, like a shot gun. If interest rates go up, it will affect affordability and could make for less buyers being able to buy. This could then lead to less demand on homes, therefor a stalling of price appreciation on those homes. For sellers, this could mean that they cannot get any more out of their homes than what they might try to do now.
Conversely, if interest rates do not go up that fast, it might not affect things, but minimally, with the need people have to still relocate, up-size and downsize. The antsy Realtor in me wants to protect peoples interests and hedge that interest rates might affect a prior volatility in the lending market, to say that the lending, as to affordability in payments being low, doesn’t get any better than right NOW! It is an excellent time to buy and sell! If interests rates go up more drastically, it could affect buyers AND sellers negatively.
I wanted to put this graphic in to emphasize that while information, now-a-days, has become just as readily available to the buyer or seller directly, rather than just through their Realtor, that they still do rely even more heavily upon their expertise when it comes right down to it, precisely because their has to be a last filter in which to make sense of all the information that is out there.
I wanted all my friends and neighbors to know here in the Bloomington Hills area, a little more about me, that I’m poised to give you all the help you, or anyone you might refer me, the specialized help they need. To the right it shows I get about 75+ people a day to my site searching for homes. The graph below shows how that equates to about 2,300 people a month!!!
When it comes to selling, almost every Realtor will hit on the number one factor that can work in your favor- EXPOSURE. Well, having the number one website in the St George area, dwarfing possibly most all the Realtors traffic combined and any single Realtors traffic combined or any agency for that matter- I can expose your home the most. We then synergize that effort with proper pricing, pictures and virtual tours. Please see our website and refer with confidence!
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