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Oxford MI Home Prices UP 12% in 2010!!

Today’s stats are somewhat preliminary- the reporting of a couple more sales may trickle in over the next couple weeks, but if that happens a couple sales shouldn’t really change the numbers much.

Oxford MI unit sales 2009- 247
Oxford MI unit sales 2010- 255

Oxford MI median sales price 2009- $140,000
Oxford MI median sales price 2010- $159,000

Oxford MI total sales volume 2009- $40,664,200
Oxford MI total sales volume 2010- $44,295,280

Unit sales in Oxford MI were only up slightly, about 3%, but there was almost $4,000,000 more in sales volume in 2010. Part of the reason is the reduction in foreclosure sales and an increase in short sales.

Oxford MI foreclosure sales 2009- 116 or 47% of the total sales
Oxford MI foreclosure sales 2010- 111 or 44% of the total sales

Oxford MI short sales in 2009- 28 or 11% of the total sales
Oxford MI short sales in 2010- 49 or 19% of the total sales

In 2009 there was a little over $16 million in foreclosure sales and a little over $15 million in 2010. Short sale volume jumped from just under $5 million in 2009 to just under $8.5 million in 2010. The median sales price for a foreclosure sale in 2010 was $126,000 opposed to the median sales price of a short sale in 2010 of $165,000.

Inventory is also low contributing to the increase in sales price. As of today (Jan 4, 2011) there were only 91 active listings in Oxford MI- a 4 month inventory. On Jan 18, 2010 there were 136 active listings. On July 20, 2009 there were 183 active listings in Oxford, MI (the first month that I started backing out the CCS status on my active searches).

Homes for Sale in Oxford MI

Home Buyers

Buying a Foreclosure

Buying a Short Sale

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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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Red Barn Village Sub in Oxford Township consists of 123 home sites just south of Drahner Rd, west of M-24. Red Barn is an older sub- houses built in the early to mid sixties, mostly ranches and tri-levels, with Lake Orion schools. The neighborhood also features community well and sewer, good sized yards- fences allowed. Excellent location with easy access to both downtown Oxford and Lake Orion.

Some of the area amenities include:

2009 was a rough year for Red Barn Village. 7 houses sold ranging from $50,000 to $90,210 (after subtracting seller concessions). 6 or those 7 houses were foreclosures and the other sale was a short sale.

As of October 23 there were 7 closings in Red Barn ranging in price from $46,500-$77,600- all foreclosures.

This is a great price point for the person who wants a house but with a reasonable payment (first time home buyer, starting over, retirement, down sizing, etc.). Or a terrific rental prospect. A typical house in this neighborhood, in good condition, would probably rent for around $900 or so per month.

For a list of current listings in Red Barn Village please call or email:

Cell: 248-736-6407

Jackie@JackieHawley.com

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Woodbriar Subdivision, Oxford Michigan is a 156 home subdivision in Oxford Michigan, south off Drahner Rd and west of M-24. The houses in Woodbriar Sub were built mostly in the late 90’s-early 2000’s (roughly 1998 – 2002). Woodbriar is made up primarily of colonials; part of the sub has Oxford Schools; part of the sub has Lake Orion schools. Other subdivision amenities include:

  • 3 small parks
  • community well
  • public sewer
  • sidewalks
  • large yards

A short distance south of Woodbriar sub you can pick up I-75 and about 20 minutes north you hit I-69. Nearby are parks, tennis courts, ball diamonds, soccer fields, Centennial Park in downtown Oxford, shopping, golf…

If you couldn’t afford a newer house in the Oxford Michigan area a few years ago, now is a good time to check out Woodbriar. The houses range in size from just over 1500 sq. ft. to just over 2400 sq. ft. They all have basements –  some walk-outs, some standard basements, some finished. There are some fenced yards. So far this year the sold prices have ranged from $102,250-$189,000 (in 2004 they ranged from $205,000-$303,000). A house payment could be as low or lower than your current rent payment if you’re currently renting. For step up buyers– you may be able to rent your current home and sell it when the market improves. FHA loans are still available with a 3 1/2% down payment. And Oxford Michigan still qualifies for rural development financing–  zero down payment; 100% financing.

The highest priced sale in Woodbriar Sub in 2009 was still less than the lowest priced sale in 2004. And so far in 2010 we haven’t seen a sale crack the $200K ceiling and on sale barely above $100K. Today (10/23/2010) there was one active listing on Oakmont- a short sale asking $160,000- and there were no sales pending. 3 homes were leased through the MLS so far this year- $1400/month, $1500/month and $1600/month. There are no houses currently offered through the MLS for lease.

Search the MLS

Oxford Michgian

Lake Orion Michigan

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Oxford Lakes, Oxford Michigan Real Estate Sales

Oxford Lakes subdivision, Oxford Michigan is a platted subdivision neighborhood in theoxford lake 6 acre park and beach oxford michigan Village of Oxford Michigan. Living in Oxford Lakes is not just an investment- it’s a lifestyle. Oxford Lakes subdivision was developed around 115 acre Oxford Lake and its Caribbean blue waters. Oxford Lakes offers a mixture of floor plans ranging from standard ranches to traditional split levels to contemporary to custom housing. Both off the water and on the water housing must conform to subdivision restrictions for the protection of its residents.

In good times you really couldn’t touch a house in Oxford Lakes for under $200K. In 2004 there were 23 houses sold through the MLS ranging in price from $182,900-$377,900. None were lakefronts and only 2 under $200,000. In 2009 13 of the 18 sales were under $200,000 and one of those was under $100,000.

oxford lake tennis courts oxford michiganSo far this year the lowest sale price was $125,200. There have only been 4 closings this year in the two hundreds and 2 sales over $300K- both lakefronts.

While prices and interest rates are still low now is a great time to invest in Oxford Lakes, Oxford Michigan. 

Oxford Lakes boasts many amenities such as sidewalks, community water and sewer, entrances onto 2 main roads, 2 parks and beach area for off the water homes.

First there’s the 6 acre park at the entrance of the sub (Drahner Rd entrance) that features gazebo, basketball court, two regulation size tennis courts, volleyball court, picnic tables, grills, sandy beach and private boat launch.

There’s also the children’s park on Thornhill Trail. A 2 acre park with playground equipment, picnic table and spacious pavilion. Both parks feature rest room areas.

Oxford Lake is about 115 acres of very clean water– electric motors allowed. This spring fed, ex-gravel pit lake has been stocked with bluegill, bass, walleye and trout. And because it used to be a gravel pit, the lake is fairly deep, clean and most homes have sandy beaches.

Search the MLS

Oakland County Lakefront Homes for Sale

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Achatz Homemade Pie Company with locations that include Oxford Michigan madeBon Appetit’s “the Hot 10 Best Places for Pie” in the October 2010 issue. According to the article, judges at the National Pie Championships awarded the Cherry pie and Michigan Four Berry pie top honors.

Personally my favorite is their coconut cream pie, though all their cheese cakes are excellent. My mom oxford michigan pieprefers their Cherry pie, and the Michigan Four Berry pie seems to be popular with most people I know.

Achatz uses mostly Michigan products such as Michigan sugar, fruits, flour, milk and butter. Their food is natural and most importantly extremely tasty. They are closed on Saturdays but open on Sundays. You can find them at the north end of downtown Oxford on the east side of M-24. 40 N. Washington, Oxford MI, 48371. (248)628-4010. They have several other locations in Southeast Michigan with a new location coming to Ann Arbor, Michigan.

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Oxford Michigan Homes- Prices Up! Inventory Down!

Does this mean Oxford Michigan real estate has reached rock bottom? Who knows? What I can state is that at the end of August:

Unit sales are up 17.5%

Median sales price is up 15%

Total sales volume through August 2010 was $30,807,690 vs $22,988,190 in 2009. In fact the total sales volume is up slightly from 2007 and 2008, too.

oxford michigan home sales data

Active listings on 9/18/2010- 119 with a median asking price of $189,900
Active listings on 9/28/2009- 165 with a median asking price of $238,500

Bank owned sales are on the decline:
Through August 2010: 71 bank owned sales or 41.5% of total sales
Through August 2009: 70 bank owned sales or 49.6% of total sales

Short sales are on the increase:
Through August 2010 there were 33 short sales or 19.3% of total sales
Through August 2009 there were 14 short sales or 9.9% of total sales

The decrease in foreclosure sales in Oxford Michigan has contributed to the increase in the median sales price. Many of the bank owned homes are on the lower end of the price spectrum. There are still deals to be had- private home owners need to price their homes like a foreclosure in order to sell. Interest rates are low. Property taxes have been dropping and are more in line with the true value of Oxford Michigan homes

We will not know when we’ve hit the bottom until we’ve passed it. But whether you buy at the bottom of the curve or a just near the bottom, this is a great time to buy that home you may not have been able to afford in the past. It is also a great time to buy investment properties- using cheap money to buy cheap houses in an environment where rental demand is high.

Specific Neighborhood Sales Data

Oakland County Michigan Lakefront Homes For Sale

Oxford Michigan Homes For Sale

Search The MLS

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