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Archive for the ‘Oxford Market Conditions’ Category

Oxford MI Home Sales- Trend or Anomaly?

Trend!

You can see from the charts below, the average sales price every month in 2013 beat the same month from the previous year.

oxford average sales price by month 2012 and 2013

When you compare 2012 to 2011 you can see the lines criss crossing, but 2012 prices were higher than 2011 more times than not.

oxford average sales price by month 2011 and 2012

When you compare 2010 and 2011 (below) you get a criss crossing but with 2010 coming out on top more than 2011 indicating 2010 through 2012 were stabilizing with improvement.

oxford average sales price by month 2010 and 2011

Prices have been increasing and more higher dollar homes have been selling. There has also been a huge reduction in distressed home sales (short sales and foreclosures). Distressed sales only made up about 25% of the total sales in 2012; in 2009 distresses sales made up 58% of the total sales in Oxford MI. Low inventory is also contributing to the rise in home prices. On Feb. 20, 2014 there were only 103 active listings- that’s about a 3 month inventory.

Prices have continued to escalate into 2014. January sales are up by a couple units, over a half million in volume and the average sales price is up a little over 3 1/2%. Hopefully this continues through the year and beyond.

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Oxford MI Homes for Sale

Area Parks and State Land

Oxford MI Home Sales Data

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Oxford MI home sales – units, prices and total sales volume were up significantly (2013 over 2012). Unit sales in 2013 were up 16% from 2012. The average sales price was up 21% from 2012 and up 26% from 2011. Volume sales were up almost 22 million from 2012 and distressed sales were down significantly.

The lack of short sales and foreclosure sales have helped with the price increase as well as a very low inventory. On Jan. 18, 2014 there were only 116 active listings in Oxford and Oxford Township. In Jan. 2007 there was an average of 283 listings in Oxford.

I believe the prices will stabilize a bit as more home owners have enough equity to sell. But the inventory needs to probably triple. There are also more buyers than in the past- many who lost their home a few years ago are back in the market to purchase. Interest rates are still very low, qualifying many who might not be able to afford to live in Oxford if the rates were at 6 or 7%.

For a more accurate look at what your house may be worth you need to look more locally; I have a handful of subs and several lake communities linked below with current sales data.

Oakland County Neighborhoods

Oakland County Lakes

Below are some charts and graphs with Oxford MI/Oxford Township sales data.

Jackie Hawley
ReMax Encore, Clarkston MI
Cell: (248) 736-6407

Jackie@JackieHawley.com

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Residential sales data from Realcomp MLS excluding lease transactions, condo and vacant land

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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.

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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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Oxford MI Real Estate– Oxford Home Sales Are Up

Oxford MI home sales are up 6%. The average sales price in Oxford is up 6% and the median home sales price is also up 14%. There has been $3,775,250 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Oxford homes for sale) is very low.

On Oct. 24, 2012 there were only 90 homes for sale in Oxford MI. With an average of 22 sales per month that is less than a 5 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Oxford with distressed sales making up 42% of the total sales. In 2011 distressed sales made up 59% of the total home sales in Oxford, MI.

Total Sales Oxford MI (units):

2012: 195
2011: 183

Distressed Sales (units) Oxford MI:

2012: 82
2011: 108

Average Sales Price Oxford MI:

2012: $170,750
2011: $161,317

Median Sales Price Oxford MI:

2012: $169,000
2011: $145,040

Sales Volume Oxford MI Home Sales:

2012: $33,296,330
2011: $29,521,080

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 Oxford 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 Oxford MI home owner. Or potential Oxford 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

Oxford MI Homes for Sale

Oxford Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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