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Posts Tagged ‘market conditions’

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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My North Oakland County Home Sales Predictions for 2011

I going to pull out my crystal ball and take a look into the future. I figure I can’t do any worse than any ofnorth oakland county home sales predictions for 2011 the “experts” we hear on the radio or watch on TV or read about in the paper.

As I wrote in a recent blog post, currently sale prices in North Oakland County MI were up slightly in 2010 over 2009 and the current inventory is low (active listings). This sounds almost like a seller’s market and might be if prices weren’t down so much from 2008, 2007, 2006…..

When I have been updating my sales stats for various North Oakland County subdivisionsI am finding the same to be true- home sale prices seem to be stabilizing and in many cases even increasing slightly. I think some of this is due to a decline in foreclosure sales– many being replaced by short sales which typically sell for more than bank or government owned homes.

Last week I spoke to one of the larger area foreclosure brokers and he told me he expects a spike in new foreclosure listings and assignments the first 2 months of 2011 and a large increase in inventory for the first quarter of 2011, then for it to slow back down to a manageable pace again.

So my predictions:

Prices will stay about the same and maybe drop a bit the first quarter of 2011. When the inventory gets back to the current levels in the spring, prices will start to increase a bit. We won’t see the rapid increase in prices we saw in the 2000-2005 years, but I believe prices will start going up.

I think inventory will stay on the low side until more homeowners have equity in their homes again or lending criteria relaxes enough so an upside down owner can buy and rent out their current house without the draconian conditions they have to abide by today.

I believe a hindrance to the rise in home prices will be due to the ongoing appraisal problems. Appraisers need to start giving a dollar value to quality and less importance on $ per sq. ft.

My advise:

  • If you are a potential home buyer for North Oakland County MI call your agent now so you don’t miss out on the foreclosures that will be hitting the market the first quarter of this year- foreclosure listings in North Oakland County MI to not sit on the market
  • Do NOT wait until spring to start looking
  • If you are looking for a lakefront home and want to enjoy this summer on the water you need to either eliminate short sale listings from your search or get serious about finding a home now
  • The same if you want to be moved by the next school year. Don’t wait too long to start looking unless you are willing to eliminate short sale listings from your search criteria
  • Sellers- It’s hard to know what to tell you. Right now inventory is low but expected to pick up very soon with a glut of foreclosures for you to compete against. If you wait until after the first quarter you will have low inventory on your side but a quarter of foreclosures closing which will be the comparable sales appraisers will use

I  need to make a point to come back to this post quarterly to see if my predictions are on track.

Market Conditions for North Oakland County MI

North Oakland County MI Lake Information

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photo from Flickr courtesy Islandguy Jonathan H 

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Here in Southeast Michigan– specifically North Oakland County Michigan– home prices have been creeping back up and inventory is much lower than this time last year. In fact in many areas we are looking at a 4-6 month supply of active listings.

This week we had yet another appraisal come in low. And again the appraiser states twice in the appraisal that the subject property is in a declining market and actually subtracted value off the comparable sales due to closing dates.

The facts are:

Subject property is in Springfield Township

Median sales price in Springfield Township in 2009 was $145,500. Median sales price so far in Springfieldwhat are the appraisers drinking Township this year is $166,000. UP 12.3% from last year. Springfield Township has been averaging 12.4 sales per month and there are currently 82 homes on the market or a 6 1/2 month supply.

Since Springfield Township is not heavily populated I decided to check the surrounding townships. In fact, WITHOUT EXCEPTION, prices were UP in every township in North Oakland County I checked.

So what are these appraisers drinking? The Kool Aid the media is handing out? Are they spending their time at the bar drowning in their sorrows because they have to give up a portion of their fees to the appraisal management companies? Maybe they need to spend a bit more time learning their market. For North Oakland County the facts are as follows:

Independence Twp/Clarkston:
2009 median sale price: $150,000
2010 median sale price: $163,000
5.1 month supply of active listings

Waterford and Keego Harbor:
2009 median sale price: $70,000
2010 median sale price: $72,000
6.2 month supply of active listings

Brandon Twp/Ortonville:
2009 median sale price: $110,000
2010 median sale price: $129,750
6 month supply of active listings

Orion Twp/Lake Orion:
2009 median sale price: $150,000
2010 median sale price: $153,950
4.2 month supply of active listings

Oxford:
2009 median sale price: $140,000
2010 median sale price: $158,000
4.3 month supply of active listings

And the same trend for Rochester, Rochester Hills, Oakland Township, Addison Township and Leonard.

Some may just look at this as appraisers being conservative. Buyers look at this as often times not being able to get the house they want. Often times these buyers have looked a many were in a multiple offer situation on the house that didn’t appraise and know the value is there.

Sellersmay be able and willing to come down and don’t understand why, since there were 3 other people willing to pay more than the appraised value. Or the sale may just die– hopefully the low appraisal wasn’t an FHA appraisal that will stick to the house for the next 6 months.

If it does close at the lower value the neighbors just got told to grab their ankles since the value of their homes were just reduced because of a “cautious” or “conservative” appraisal.

The government needs to remove the shackles from the appraisers so they can do their jobs properly. In the meantime, more appraisers need to do their job and learn their market. A declining market in 2009 does not mean a declining market in 2010.

The numbers above include all sales- short sales, bank owned homes as well as regular sales. I also found the trend to be the same in specific neighborhoods and subdivisions. The links below will take you to more detailed market data.

community values

Lake Orion

Oxford

Clarkston

The Preserve, Lake Orion MI

Round Tree, Lake Orion MI

Rolling Meadows, Lake Orion MI

Lake Lapeer lakefront sales

Lake Orion lakefront sales

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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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Rolling Meadows, Lake Orion

Rolling Meadows, Lake Orion real estate sales are a bit strongerrolling meadows lake orion real estate this year than in 2009. In 2009 there were 16 closed sales in Rolling Meadows and 4 leases with sale prices ranging from $153,000-$247,000 and lease prices ranging from $1500-$1800/month.

In 2010 there have been 14 closed sales in Rolling Meadows as of Dec. 24 with sale prices ranging from $164,505-$237,000.

In 2010 there have been 5 foreclosure sales
In 2009 there was only 1 foreclosure sale

In 2010 there have been no short sale closings
In 2009 there were 2 short sale closings

In 2010 there were 4 closings under $200,000 and all were bank owned
In 2009 there were 5 closings under $200,000- 1 was bank owned, 1 was a short sale

In 2010 there were 6 sales of $220,000 or more
In 2009 there were 2 sales of $220,000 or more

If you take out the distressed sales in Rolling Meadows, Lake Orion the price per square foot in 2010 ranged from $79/square foot – $111/square foot.

In 2009 the price per square foot for non distressed sales in Rolling Meadows ranged from $78/square foot – $97/square foot.

In 2010 of the 9 non distressed sales in Rolling Meadows, Lake Orion

  • 3 sales so far closed for over $100/square foot 
  • only 3 non distressed sales closed for less than $90/square foot
  • 3 closed for over $90/square foot but under $100/square foot 

In 2009, of the 13 non distressed sales in Rolling Meadows 

  • none of them exceeded $100/square foot
  • only 5 sold for over $90/square foot
  • leaving 8 non distressed sales in Rolling Meadows selling for less than $90/square foot

There are currently 2 houses pending short sale approval so we won’t know the prices until the short sales are approved and the homes close.  And there are currently no homes for sale or lease in Rolling Meadows, Lake Orion.

If you are considering making a move to Rolling Meadows, you should contact me with what you are looking for and I will do a daily update so that when a house hits the market in Rolling Meadows you have the opportunity to jump on it immediately.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

Rolling Meadows, Lake Orion

Lake Orion Homes for Sale 

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lake orion michigan lakefront homes long lakeLakefront home sales in the Lake Orion school district for 2010 are up from last year with 53 lakefront sales in 2009 and 59 lakefront sales so far in 2010 (as of Dec 20).

2010 Lake Orion lakefront home sales ranged from $29,900 for a house on Square Lake to $483,600 for a house on Duck Lake. 2009 prices ranged from $55,000 to $1,200,000. One interesting fact: the highest price sale each year was on a NON sports lake.

So far, lakefront home sales in Lake Orion are as follows:

  • 12 lakefront homes leased
  • 59 lakefront home sales
  • 18 bank owned (foreclosures)
  • 9 short sales
  • 3 lakefront sales under $100,000
  • 25 lakefront sales in the $100’s
  • 12 lakefront home sales in the $200’s
  • 13 in the $300’s
  • 6 in the $400’s

Surprisingly there have been no closed sales on Voorheis Lake so far this year.

  • 23 sales on Lake Orion ranging from $101,000-$370,000
  • 7 lakefront sales on Long Lake ranging in price from $132,500-$432,000
  • 4 lakefront sales on non-sports Lake Manitou ranging from $166,000-$370,000
  • 3 sales on non-sports Indianwood Lake ranging in price from $159,000-$430,000
  • 5 sales on non-sports Duck Lake ranging in price from $355,000-$483,600

Closed sales are up a bit this year, but the current inventory is low– only 33 active lakefront listings for sale as of yesterday.

If you are thinking about moving to the lake in Lake Orion MI or buying a lakefront cottage in the Lake Orion area, please don’t hesitate to contact me at:

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

Lake Orion Michigan Lakefront Sales Data

www.MiRelocation.com  

 

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Round Tree Lake Orion Real Estate Sales

Round Tree is a 223 home sub in Orion Township with entrances off M-24 and Scripps Rd. Houses in Round Tree were built between 1993 and 2003 and range in size from 1828 square feet to 2767 square feet with most of the houses well over 2000 square feet.

round tree lake orion miRound Tree homes have city water and sewer, sidewalks, community park and abuts Bald Mountain Recreation Area to the east. Lake Orion High School with a swimming pool and tennis courts is across Scripps Road. Round Tree is conveniently located just minutes north of I-75; the exit 81 ramp exits (or enters) at M-24 a few miles south of Round Tree. That exit is also just one exit from Great Lakes Crossing. Orion Oaks County Park and the Bark Park are also within 5 minutes from Round Tree. About 5 minutes north is the public access to all sports Lake Orion.

Many of the homes that have sold this year have been bank owned homes; 6 of the 9 salesorion oaks bark park were foreclosures, 2 were short sales and 1 “regular” sale. Not very different from 2009 which also saw 9 sales- 5 foreclosures and 4 “regular” sales. The good news is that the sale prices this year are about on par with last year ranging from just over $150,000 to just under $200,000 with the foreclosures selling for the most part for sixty something per square foot and the privately owned homes selling for eighty something per square foot. Many of these homes sold for well over $200,000 new and a couple sold in the mid three hundreds.

In 2003 sale prices in Round Tree ranged from $225,000 to $349,900. At that time things like location in the sub, 4 bedroom versus 3 bedroom, 3 car garage versus 2 car garage were determining factors in pricing. Price per square foot ranged from $107/sq. ft. to $140/sq. ft. In 2009 and 2010 prices seem to be determined more by ownership- the banks heavily discounted their homes and private owners were able to get a bit more.

If you currently live in Round Tree and wish to move (or have to move) and don’t want to short sale your house, you might want to consider renting it out. With the amount of people in the Lake Orion area who have lost their homes, the rental market is strong, and if you are considering upgrading in this strong buyer’s market, renting your current home in Round Tree may be a viable option.

If you would like to purchase a home in Round Tree that you may not have been able to afford a few years ago, now is a good time to take advantage of the super low prices and low interest rates. Many of the houses currently selling for about $100K less than their previous sale price, but prices have seemed to bottom out. In 2008 there was only 1 sale below $200,000. In both 2009 and 2010 nothing sold above $200,000, and there seems to be really no difference in the prices in 2009 and 2010. Combine that with the fact that Lake Orion/Orion Township prices on average are on the rise (slightly), it truly feels like Round Tree has hit bottom.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

Home buyer blog: http://SoutheastMichiganRealEstate.wordpress.com

Home seller blog: http://SellingRealEstateInSoutheastMichigan.wordpress.com

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