Posts Tagged ‘lake orion mi home sales’

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.

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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.

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Jackie Hawley, Realtor
ReMax Encore, Clarkston MI


Cell: (248)736-6407


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Lake Orion MI- Unit Sales, Sale Price and Dollar Volume Are ALL Up!

2011 was a pretty good year and I see no reason that 2012 won’t match or exceed last year’s sales in Lake Orion MI.

Unit sales in 2011 were up 8%, the average sales price was up 7% and the total dollar volume was up a whopping 14%.

The amount of distressed sales are down from last year. In 2011 bank owned or foreclosure sales made up 34% of the total sales in Lake Orion MI and short sales made up 17% of the total sales. As opposed to 2010 when foreclosures were 38% and short sales were 20% of the total sales.

The average sales price on the bank owned homes dropped just under 10% from 2010 and bank owned homes sold within 3% of asking price in 2011.

Cash sales made up over 23% of total sales in Lake Orion in 2011.

2011 sales numbers exceed both 2010 and 2009 sales.

Inventory is currently low- only 102 active listings in Lake Orion.

If you are considering a home purchase in the Lake Orion area, don’t wait until the last minute to start looking. Inventory has been low for awhile and if that dream home isn’t currently listed, you need to be ready the day it hits the market. Multiple offers on properly priced homes is not unusual in today’s climate.

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Jackie Hawley
Keller Williams Realty
Cell: (248) 736-6407

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