Milford real estate update August 2014

If you are relocating to Michigan and looking for a small town that is beautiful, semi-rural, yet lively then Milford Michigan may be a community that you may want to check out.  Milford and Milford Township are talked as if they are one community, but they are really two communities with separate governing bodies.  The village of Milford is what you would call the downtown area.  There is a lively downtown area full of  great restaurants, and small shops.     A great place to go any day of the week. Many of the homes around downtown Milford are older.  There are quite a few older Victorians that were built in the 1800′s.

Village of Milford MI - town clock

Village of Milford MI – town clock

Milford Township is the community surrounding downtown Milford.  Here you will find subdivisions and homes that are newer and larger.  In some cases the homes sit on lots up to 10 acres.  The homes are spread out.   You will find some small horse ranches, and homes that range from 1000 square feet to over 5000 square feet.  There is every style of home you could want.  You will find big brick colonials with 2 and 3 car garages with basements.  Some even will have walkout basements.  You get a feel of being away from the hustle and bustle of Metro Detroit when you live in Milford.  I can’t say enough about the town, it is a great place to live.  If you are an outdoors person then Milford will fit you.  There are numerous lakes, Highland Recreation area, the Huron River, and Kensington Metro park.  Kensington recreation area is right around the corner.  You can hike, bike, golf, and even enjoy the lakes year round.  Whether you want to swim or ice skate on them.

Me skating at Kensington Metro park

Me skating at Kensington Metro park

Here is what is happening in Milford real estate market.  Like most of Metro Detroit real estate you will find that the homes that are priced right and are updated and move in ready will sell quickly.  We are not seeing the crazy bidding wars of last year where one home would have 10 or 12 bids on it, but if the home is nice it is not unusual to have multiple bids.  In the last year 223 Milford homes have sold.  In the last six months 120 homes have sold compared to 159 that sold in the same period as last year.  So the buying frenzy is not there this year.  I wouldn’t call it a seller’s market unless you have a move in ready home, that has updated kitchen, baths, and floors.  Then most likely your home will sell quick.

On the opposite side you are not going to see low ball bids of $20,000 or $30,000 below list unless the home has been on the market for a long time.  In the last six months the least expensive home that sold in Milford was 859 Union that sold for $29,900.  It was a very small house at 558 square feet but it still must have been in very poor condition.  It was a 1 bedroom, 1 bathroom home.  On the opposite end of the price range the most expensive piece of Milford Michigan real estate to sell was a 5000 square foot, 5 bedroom, 3 1/2 bath home at 2991 Tall Timbers.  That beautiful home sold for $937,500.

Out of the 120 Milford homes that sold in the last six months they were on the market an average of 68 days.  The average price per square foot is $130.  The lowest price per square foot was $46 and the highest was $200.

Downtown Milford Michigan

Downtown Milford Michigan

Then let’s look what is happing in Milford Michigan real estate in the last 30 days.  You always have to remember that the real estate market shifts quite often.  The market can get hot or cold in a month.  So it is important that home buyers and sellers know what type of market they are in.  Otherwise the may be over paying or selling to cheap.  Knowing the local real estate market you are shopping in makes a difference in getting the best financial deal.

In the last 30 days 25 Milford homes have sold.  The least expensive one was 747 square feet at 3116 Hillside.  It was a 2 bedroom, 1 bath home that sold for $70,000.  On the upper side of the market was a home that was 3627 square feet at 2811 Tall Timbers that sold for $680,000.  It was a 4 bedroom, 3 1/2 bath home.   These 25 homes were on the market an average of 71 days before they sold.  The average sold price per square foot was $136.  The low and high prices per square foot was $94 to $191.

Currently there are 101 Milford homes for sale.  They have been on the market an average of 95 days  and the average price per square foot was $154.  So they are not far off the average.  There is only a four month supply of homes and that means that it is still a good market.  I believe the market will still continue to go up so long as we do not have a huge interest rate change or the economy changes.

The Milford community is a great place to live!  So whether you are looking to buy or sell in the Milford area give me a call on my cell (248) 310-6239.  I know the area well!  If you buy a home with me as your realtor I will buy you a kayak or lawnmower when you close.

 

 

Russ is full time realtor with 14 years of experience of finding good deals for his clients.  An added bonus is that he buys a new kayak, or lawnmower, or grill, or snowblower, or lawnmower when you buy and close on a home with him.

I want a free kayak when I buy my next home

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