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Archive for the ‘Oxford Michigan’ Category

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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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.

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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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Oxford Lake, Oxford MI Home Sales Update

Home sale pricesin Oxford Lakes Sub in Oxford MI are still pretty much in the crapper. Sales so far this year range from $111,550-$149,900 for off the water houses, and 2 houses on Oxford Lakesold for $173,000 and $381,000. That $381K sale is the only sale so far this year over $200,000. There are 2 sales pending – both short sales- with asking prices of $112,000 and $225,000. There is one rental listing pending at an asking price of $2400/month. There is currently 1 home listed for lease at $1800/month and 2 active listings for sale- a bank owned home asking $142,900 and a “normal” listing asking $214,500.

In 2005 only 4 of the 28 off the water houses that sold,  sold for less than $200,000. 6 of those 28 sold in the $300’s and both lakefront sales were in the high $300’s. Who would have thought you could ever buy a house in the same neighborhood for under a hundred and a quarter or a lakefront house for under $200,000.  

So far in 2011:

  • 6 closed off the water sales
  • 5 bank owned
  • 1 short sales
  • 0 “normal” sales
  • Median sale price: $135,164
  • Average sale price: $132,136
  • 2 lakefront homes (on Oxford Lake) a bank owned for $173,000 and a “normal” sale for $381,000

Home sales in 2010:

  • 17 closed off the water sales
  • 9 bank owned
  • 1 short sales
  • 7 “normal” sales
  • Median sale price: $152,000
  • Average sale price: $156,458
  • 6 lakefront homes (on Oxford Lake) 1 bank owned, 4 short sales and 1 “normal” sale
  • Lakefront home sales ranged from $135,000-$350,000

Home sales in 2009

  • 15 closed off the water sales
  • 7 bank owned
  • 0 short sales
  • 8 “normal” sales
  • Median sale price: $140,550
  • Average sale price: $145,020
  • 3 lakefront homes (on Oxford Lake)- 1 short sale and 2 “regular” sales
  • Lakefront home sales prices were $242,000, $300,000 and $400,000

Oxford Lakes still offers the same amenities as it did in it’s hey day- The 6 acre park with the tennis courts, volleyball court, beach and private boat launch, picnic tables, grills, and more. The same 2 acre little kids park, community water, sewer, sidewalks… 

For More About What Oxford Lakes, Oxford MI Has to Offer

Oxford MI Homes for Sale

Do You Really Want to Buy a Fixer

What Happens if the Appraisal is Low?

 How NOT to Buy a House

The Perfect House- Doe it Exist?

Jackie Hawley
Keller Williams Realty
Jackie@JackieHawley.com
www.MiRelocation.com
cell: 248-736-6407

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Woodbriar Sub, Oxford MI Home Sales Update

Home sale prices in Woodbriar Sub in Oxford MI seem to have stabilized over the past couple years and may even be shifting upwards. So far this year there have been 4 closed sales in Woodbriar ranging in sale price from $132,950-$183,000.

  1. 1141 Woodbriar 3 bedroom 3 1/2 baths bank owned $132,950 sold for $276K in 2006
  2. 444 Pine Valley 4 bedroom 2 bath bank owned $169,750 sold for $206,380 in 1999
  3. 1208 Poppy Hill 3 bedroom 3 1/2 baths “normal sale” $179,000 sold for $261,478 in 2001
  4. 445 Glen Eagles Ct 4 bedroom 2 full 2 half baths “normal sale” $183,000 sold for $262,975 in 2001

There is currently 1 listing in Woodbriar pending with an asking price of $159,900 and no homes actively for sale at this time.

Homes in Woodbriar Sub don’t sit around on the market long if priced properly, with an average time on the market of less than 9 days (2011 sales). I calculate days on the market from time a listing hits it’s final asking price until pending/ccs. Overpriced homes aren’t really “on the market”- they’re just active listings. 3 of the homes sold within 3% of asking price, 1 home sold within 4% of asking price and 1 home sold for 1/2% over asking price.

So far in 2011:

  • 4 closed sales
  • 2 bank owned
  • 0 short sales
  • 2 “normal” sales
  • Median sale price: $174,375
  • Average sale price: $166,168

Home sales in 2010:

  • 11 closed sales
  • 4 bank owned
  • 3 short sales
  • 4 “normal” sales
  • Median sale price: $159,500
  • Average sale price: $151,057

Home sales in 2009

  • 7 closed sales
  • 0 bank owned
  • 2 short sales
  • 5 “normal” sales
  • Median sale price: $147,250
  • Average sale price: $161,807

We’re still a long way from the average sales price of $233,300 that Woodbriar sold for in 2004 but so far in 2011 both average and median sales prices are above both 2010 and 2009.

For More About What Woodbriar, Oxford MI Has to Offer

Oxford MI Homes for Sale

Do You Really Want to Buy a Fixer

What Happens if the Appraisal is Low?

 How NOT to Buy a House

The Perfect House- Doe it Exist?

Jackie Hawley
Keller Williams Realty
Jackie@JackieHawley.com
www.MiRelocation.com
cell: 248-736-6407

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Lake Orion and Oxford MI Housing Inventory is Low but There are Still a Few Gems if You Look

some real gems in Lake Orion and Oxford MIThe housing inventory in Lake Orion and Oxford MI is currently low. A couple years ago there was about a year and a half’s worth of inventory. Now there’s about a 4 month inventory, and after you toss out the grossly overpriced listings that exist in every market, and the dumps which are a great deal for a very small, specialized sector of the buyer pool, there isn’t a whole lot to choose from.

Today I showed homes to 3 sets of buyers; 1 couple looking for a nice home and needing to keep their house payment under $950/month and 2 investors who want to buy rentals. I admit I only showed each investor 1 house each- 1 was a 2 bedroom for under $60K and it needed absolutely nothing on the interior. The porch could use some boards replaced and paint, but the interior had been gutted and all was new- granite counters in the kitchen and bath, new carpet, nice hardwood floors, new windows, new roof, updated electrical- everything. Lake Orion schools and 5 minutes from I-75. It will probably rent for $900-$1000/month. Not a bad deal.

The other investor looked at a house in Oxford asking $35K. It needs work and she has to go back with someone to figure the extent of the work. Even if $20K is needed you’re still looking at a small payment for a 1400 sq. ft. house on an acre – a house that will probably rent for $1000-$1200/month.

What surprised me the most was the condition of the homes I showed the couple looking for a home. We looked at 5 houses– 1 bank owned, 2 short sales and 2 regular sales. All had at least 3 bedrooms, 2 full baths, basement and garage. 1 was a lakefront. 3 were quite nice and the other 2 would be if they had their basements waterproofed. All of these homes were in Lake Orion and Oxford. Even the 2 houses with water issues in the basements would be pretty good deals if a buyer had the $5K-$10K cash after the closing to have the basements waterproofed. The most expensive house we looked at was $115,000. Taxes ran between $2,000-$3,000. All 5 houses would have sold for over $200,000 in 2004 or 2005. In fact one of them DID sell for over $200,000 in 2002- a couple years before prices peaked.

All in all it was a good day. And it’s nice to know that the small inventory isn’t all fixers.

Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
Jackie@JackieHawley.com

For Buyers

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Homes for Sale in Lake Orion MI

Homes for Sale in Oxford MI

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oxford lakes oxford mi homes for saleOxford Lakes, Oxford MI- More Distressed Sales But Prices Still Stabilizing

In 2010 there were quite a few more sales in Oxford Lakes than in 2009, but there were also more distresses sale – short sales and foreclosures. In 2009 foreclosures and short sales made up 44% of the total sales in Oxford Lakes and in 2010 they made up 65% if the total sales. But despite the fact there were quite a few more bank owned and short sales the prices seemed to be a bit higher than last year.

 

2010 unit sales – 23
2009 unit sales – 18

10 bank owned and 5 short sales in 2010
7 bank owned and 1 short sale in 2009

In 2010 sale prices ranged from $119,178 – $350,000
In 2009
sale prices ranged from $77,900 – $400,000

2010 there were 6 lakefront sales (Oxford Lake) ranging from $135,000 – $350,000
2009 there were 3 lakefront sales (Oxford Lake)- $242,000, $300,000 and $400,000

oxford lakes sales

2010 there were no sales under $100K, 2 in the $120’s, 5 in the $130’s, 1 for $140K, 6 between $150K and $200K, 6 in the $200’s 

2009 there was 1 sale under $100K, 3 in the $120’s, 2 in the $130’s, 3 in the $140’s, 3 in the $150’s and none from $160K and $200K, 3 in the $200’s

Detailed chart of Oxford Lakes home sales with addresses, sale type, etc.

There are currently 5 sales pending in Oxford Lakes and 4 active listings for sale ranging in asking price from $124,900-$324,900.

Some of the Oxford Lakes sales in 2010 were half what they had sold for 5 or 10 years ago. 730 Lakes oxford lakes oxford mi homes for saleEdge, for example, is a lakefront home that recently sold for $177,000; it sold for $410,000 in 2003. 867 Bay Pointe Dr sold for $255,000 in 2010 and had sold for $450,000 in 2000.

Some of these houses were in pretty rough shape. Some were in move in condition. Many of the houses that sold in Oxford Lakes in 2010 were over 2000 sq. ft., 3 or 4 bedrooms, 2+ baths, basements and attached garages.

Oxford Lakes is located in the Village of Oxford MI and boasts 2 parks– 1 2 acre children’s park and a 6 acre park with a basketball court, 2 regulation size tennis courts, volleyball court, picnic tables, grills, gazebo, sandy beach and private boat launch. Oxford Lake is about 115 acres of very clean water– electric motors allowed. This spring fed, ex-gravel pit lake has been stocked with bluegill, bass, walleye and trout. And because it used to be a gravel pit, the lake is fairly deep, clean and most of the lakefront homes have sandy beaches.

Oxford Lakes boasts many amenities such as sidewalks, community water and sewer, entrances onto 2 main roads, close to schools, and easy access to expressways.

Right now is a great time to purchase a home in Oxford Lakes– while many are selling for less than they had in the mid nineties and while interest rates are super low. Oxford MI is in the approved area for Rural Development mortgages which allow qualifying buyers to purchase with zero money into the transaction.

Please contact me for more information about your Oxford Lakes home purchase

Jackie Hawley
Keller Williams Realty

cell: (248)736-6407

Jackie@JackieHawley.com

Oxford MI Homes For Sale

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