Allen Park

Even though we know, or at least think, foreclosures are bringing home values down, let’s just look at what privately owned home sales are selling for in this real estate market.  Last month I reported that home sales were selling in the mid-60’s.  This is a huge drop from the hay day of only 2 years ago when the average sales price in Allen Park was $147,000.

Looking at February homes sales I decided to look at only those that were privately owned instead of the entire Allen Park real estate market that would include bank, HUD and other 3rd party sales.  You must remember that this is still March and technically winter which is the typical slow time for the real estate market and that the higher priced homes have not yet reached the market value.

Still, the average sales price in Allen Park for February was $72,323 and the average days on the real estate market was 85 days.  This accounts for 12 sales during the month that were privately owned as compared to a total of 29 sales if you include the non-privately owned (bank owned, HUD and other 3rd party sales like estate sales).

Right now there are 129 homes for sale in the Allen Park real estate market at an average list price of $110,474.  Since we sold 29 during the month of February, that means we have a 4 1/2 month inventory of houses heading into the traditional selling time.  To me this is great news because I can remember when this months of inventory was 8 or 9 in Allen Park.

Check out this Budget Planner Spreadsheet to help you with your finances when it comes to the real estate market at this time.