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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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Thinking of buying a new home in Clarkston or Lake Orion MI? You need to get that pre-approval from your lender very early in the process. Ideally before you even start looking, and for a variety of reasons. Of course there are the same reasons as always– need to know a price to perform an MLS search. Need to know the type of mortgage. Listing agent won’t present an offer without one. All good and valid reasons.

But often times educated buyers have a good idea of what they can afford and even the type of mortgage based on the amount of down payment money they have to work with. So what is wrong with finding a house and calling the loan officer and getting a quick pre-approval? How long can that take? A day? Maybe two days? Maybe even in just a few hours if you are organized and have everything ready to send immediately?

A guess it depends on how strong of a pre-approval letter you want? Or need. Right now if you are buying in Clarkston or Lake Orion you have a 20% or 25% chance of competing against a cash buyer. The odds go up if you are buying a bank owned  home. But the facts are that 19% of all sales in Clarkston, MI in 2011 were cash sales and 23% of all sales in Lake Orion, MI were cash sales.

What’s the difference to the seller you may ask? Either cash or mortgage it is still cash to the seller. And this is true- it is still cash to the seller. But there are no conditions to obtaining the cash in a cash sale. The house doesn’t need to appraise unless otherwise addressed in the offer. The buyer doesn’t need to keep his job or be careful about purchases that may affect his ability to get the mortgage. Cash IS king and when you are competing against a cash buyer you need to come in as strong as possible- and that starts with a strong pre-approval from a dependable lender.

Financing

Writing the Offer

The Home Inspection

Search The MLS

Choosing a Buyer’s Agent

Lake Orion MI Homes For Sale

Clarkston MI Homes For Sale

Jackie Hawley Keller Williams Realty, Clarkston MI

Jackie@JackieHawley.com

Cell: (248) 736-6407

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Lake Orion MI home sales through April are down a bit from last year- both units and median sales price. The average sales price is up. The year started out a bit strangely with very low median sales prices in Jan and Feb. Then Lake Orion home prices shot up in March and April, so I dug a little deeper and took a look at the amount of foreclosures and short sales over that period.

Median sales price Jan/Feb 2011 – $91,000
Median sales price Mar/April 2011 – $142,795

Jan/Feb 2011 55% of solds were bank owned with a median SP $62,800
Jan/Feb 2010 39% of solds were bank owned with a median SP $79,700
Mar/April 2011 42% of solds were bank owned with a median SP $75,250

Jan/Feb 2011 there were 23 sales at $100K or less or 52%
Jan/Feb 2010 there were 12 sales at $100K or less or 24%

If you compare the first 2 months of the year to each other sales are down this year- both units and median sales price. If you compare the next 2 months unit sales are still down but the median sales price is up 23%. When you combine all 4 months the median sales price is still down but we will have a better indicator of where prices are going in a few months.

At this point it appears the prices of bank owned homes are on the decline- or at least a higher percentage of bank owned homes are tending to be on the cheaper side and when there’s an increase of bank owned sales the over all median price drops.

A more accurate indicator is to look at individual subs or neighborhoods and compare apples to apples.

Inventory is quite low and properly priced homes are flying off the market. On 5/5/2011 there were 143 active listings in Orion Township and the Village of Lake Orion. There were 165 active listings on 5/4/2010 and on 5/4/2009 there were 322 homes for sale in Lake Orion MI. 

Detailed Home Sales Statistics (very dry and detailed)

Lake Orion MI Homes For Sale

Search the MLS

Lakefront Real Estate

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

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The Preserve, Lake Orion MI- Are Prices Rebounding?

the preserve lake orion miThe Preserve is a very nice neighborhood in southern Lake Orion with easy access to I-75. Some of the many amenities that make The Preserve desirable are city water and sewer, sidewalks, subdivision lake, club house with a swimming pool, tennis courts and play ground area. The sub is also surrounded by woods which added value to the perimeter lots when build jobs were sold; value that seems to have stuck to the homes even in the current housing market.

The home values in The Preserve were hit hard just like the rest of Lake Orion. Many of the homes sold new in 1996-1998 with prices ranging at that time throughout the $200’s with an occasional home selling in the low $300’s.

In 2005 home prices ranged from $287,000-$372,000 and in 2003 and 2004 a couple homes sold in the low $400’s. This year prices have ranged from $155,000-$285,000.

So now you may be asking yourself- “Where does the title of this blog post come from?”

After 2005 prices were on a downward trend all over Lake Orion and The Preserves was no different. Prices steadily declined every year after 2005….. Until 2010. It appears that in many neighborhoods prices are starting to stabilize and the same is holding true in The Preserve. In fact, due to the lack of foreclosures in The Preserve, home prices may actually be arching the other way.

First let’s compare 2008 and 2009 home sale prices.

In 2008 there were 4 sales in The Preserve ranging from $255,000-$275,000. All selling for pretty close to what they sold for new. None of the 4 sales in 2008 were bank owned or short sales.

Prices dropped hugely from 2008 and 2009 with 6 sales in 2009 ranging from $211,000-$260,000 with no bank owned sales and 1 short sale.

Now comes 2010. One of the differences in 2010 was there was 1 bank owned home and 2 short sales. The 3 distressed sales in 2010 were of course the 3 lowest priced sales ranging from $155,000-$211,000. Now let’s compare the non-distressed home sales between 2009 and 2010.

There were 5 non-distressed home sales in The Preserve in 2009
There were 7 non-distressed home sales in The Preserve in 2010

2009 sale prices ranged from $211,000-$260,000
2010 sale prices ranged from $215,000-$285,000

2009 price per square foot ranged from $89/sq. ft. to $110/sq. ft.
2010 price per square foot ranged from $91/sq. ft. to $108/sq. ft.

A little deeper look at prices show that in 2009 there was only 1 home that sold for more than $100/sq. ft. where as 5 houses broke the $100/sq. ft. price point in 2010. Even the 3 distressed sales in 2010 ranged from $82/sq. ft. to $96/sq. ft.

The price differences in the non distressed sales in 2010 seem to be the same as in the past- location within the sub a primary factor in sale price and walk out basement also adding to value.

As of December 24, 2010 there were no sales pending and one active listing with an asking price of $299,900. If you currently live in The Preserve you can only hope they get pretty close to that price.

If you are considering buying in The Preserve you might want to get off the fence and contact your agent (preferably ME) and start a daily update for new listings. As agents we are able to check individual neighborhoods on a daily basis. Personally, I check ALL new listings and status changes for Lake Orion on a daily basis. Knowing my market is part of my job.

For a detailed breakdown of home sales in The Preserve please visit The Preserve page of my web site.

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Oakland County Michigan Neighborhoods

Oakland County Michigan Lakefront Homes for Sale

Oakland County Michigan Lake Information

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