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Posts Tagged ‘oxford mi homes’

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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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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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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