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Posts Tagged ‘oakland county mi home sales’

Orion, Oxford, Clarkston and Brandon school districts average sales price through August of each year

Unit sales are up 9.9% from 2011 and up 27% from 2009.

Average sales price is up 6.3% from 2011 and up 9.6% from 2009.

Distressed sales are down making up 44.2% of all sales in 2012– down over 10% from last year when distressed sales comprised 54.7% of total sales and 2009 when 68.1% of all sales were foreclosures or short sales. In 2012 foreclosures have made up less than 1/3 of all sales.

Inventory is at a dismal low of 496 active residential listings for this same area– an approximate 5 month supply.

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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

www.LakeOrionLakefrontRealEstate.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.

Search the MLS

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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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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