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Archive for the ‘Lake Orion Market Conditions’ Category

Lake Orion MI Home Sales- Market Update

Unit sales are down and average and median sales prices are up. Or are they?

Lake Orion, MI is recovering from a housing crisis that lasted close to a decade. Statistics show that prices started dropping in 2006. I felt it in 2005. In 2009 the amount of distressed sales (foreclosure and short sales) surpassed the amount of non-distressed sales. Distressed sales were the norm for 3 years. 3 years where Lake Orion MI had more foreclosure and short sale closings than regular old fashioned sales. And when you have that many distressed sales it affects the prices of all sales.

In 2012 there was a drastic reduction in distressed sales but they still made up 39% of total sales. 23% of the sales in 2013 and thus far in 2014 (first 3 quarters) 11% of total sales.

lake orion mi home sales

 

 

So I think to just compare unit sales this year vs unit sales last year is not an accurate measure of the market. Same when comparing prices. Or time to sell.

All residential sales in Lake Orion, MI through Sept (1st 3 quarters):

Unit sales are down 7%, the average sales price is up 6% and the median sales price is up 1%.

Non-distressed sales in Lake Orion, Mi for the same time frame:

Unit sales are up 8%, average sales price is down ½% and the median sales price is down 1%.

Non-distressed sales data is better than it sounds. The average sales price is up 12.5% from 2012, the median sales price is up 12.3% and unit sales are up 36%.

The average sales price so far this year is $265,008 and the median sales price is $246,000. The average sales price in 2003 was $260,252. I can’t pull the amount of distressed or non distressed sales in 2003 or 2004 or 05…. It wasn’t a search field in the MLS at that time. But it is pretty safe to assume that prior to the end of 2005 foreclosure and short sales were minimal.

lake orion mi home sales

There were 384 non distressed sales in 2013 vs 543 sales in 2003. If we stay on track of an 8% increase over last year we should have about 415 non distressed sales this year. Less than 2003 but not that far off considering that distressed sales still make up 11% of our market.

However you look at the numbers, if you are buying a home in Lake Orion MI, prices are on the rise and interest rates won’t stay this low forever.

If you are considering selling your Lake Orion, MI home, we have been in a recovering housing market for a few years, interest rates are low, so this is a good time to sell.

Call Jackie Hawley, Realtor
Remax Encore
(248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com

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The average sales price for lakefront home sales in the Clarkston/Waterford area so far this year is up 16.7% from the same time period last year and up 23.9% from 2009. Something freaky happened  in 2010 with a jump in price, but prices so far in 2012 are up 7.1% from that spike in 2010.

Unit sales are up 12.8% from last year and almost double the amount of sales for the same time frame in 2009.

Sales volume in 2012 is up $9,807,650 from 2011 and up $21,712,420 from 2009.

A search in Orion/Oxford/Addison sold lakefront homes also showed an increase in sales: Average sales price in 2012 is up 8.4% from last year, units are up 8% from last year and there has been over $2 1/2 million in sales from last year.

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

www.MiRelocation.com                   www.LakeOaklandHomes.com

                 www.MacedayLake.com

www.SearchMichiganMLSListings.com

Cell: (248)736-6407                                                      Jackie@JackieHawley.com

 

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 Oakland County MI Real Estate– What is Affordable Today May Not Be Affordable Next Spring

Prices are on the rise in North Oakland County MI. They have been for a while now- long enough to trust this is probably a trend and not a fluke. Lake Orion average sales price is up 10% from last year and last year was up 5% from the year before.

The data is similar in the surrounding North Oakland and Lapeer areas. The average sales price in Lapeer County is up 8%. The average sales price in Oxford, MI is up 5%. I searched a larger area of North Oakland CountyOrion, Oxford, Clarkston and Brandon school districts and the average sales price is up 6% from last year and up 10% from 2010. I have more data if you would like to see it. But you get the idea. Prices are going up.

Interest rates are low. I don’t know that they can go any lower, nor do I know how long they will stay this low.

If you’ve been looking for a home in Oakland County MI or Lapeer MI for quite a while and you’re not finding what you want, you may need to change your criteria. With prices on the rise, what is selling for $80K now will be going for $85K or $90K next spring. That’s an example. Prices are increasing in all price ranges. Lakefront prices are especially escalating.

So assuming prices continue to increase, you will have less to pick from for the same price months into the future. And if interest rates go up at all, you will be looking in a lower price range, too.

Search the MLS

What to Expect From Your Oakland County Buyer’s Agent

Financing Your Oakland County Home Purchase

Buying an Oakland County Foreclosure or Short Sale

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI
Cell: 248-736-6407
Jackie@JackieHawley.com

www.MiRelocation.com

www.MacedayLake.com

www.OaklandCountyMichiganLakes.com

www.LakeOaklandHomes.com

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Lake Orion MI Real Estate– Lake Orion Home Sales Are Up

Lake Orion MI home sales are up 9%. The average sales price in Lake Orion is up 10% and the median home sales price is also up 10%. There has been $11,501,670 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Lake Orion homes for sale) is very low.

On Oct. 14, 2012 there were only 105 homes for sale in Lake Orion MI. With an average of 39 sales per month that is less than a 3 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Lake Orion with distressed sales making up 42% of the total sales. In 2011 distressed sales made up 52% of the total home sales in Lake Orion, MI.

Total Sales Lake Orion MI (units):

2012: 347
2011: 316

Distressed Sales (units) Lake Orion MI:

2012: 145
2011: 165

Average Sales Price Lake Orion MI:

2012: $184,197
2011: $165,869

Median Sales Price Lake Orion MI:

2012: $157,000
2011: $140,795

Sales Volume Lake Orion MI Home Sales:

2012: $63,916,380
2011: $52,414,710

The decline in distressed home sales contributes to the increase in overall home prices. And this is a catch 22 in a good way- the more Lake Orion home prices go up, the less under water houses there are, so less distressed home sales. As Martha Stewart would say: This is a good thing for the Lake Orion MI home owner. Or potential Lake Orion MI home buyer.

Search the MLS

What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Lake Orion MI Homes for Sale

Lake Orion Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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