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Great News for Oxford MI Homeowners/Sellers!

I was just finishing up a market analysis for a home I will be listing this evening in Oxford MI. The house I’m listing is a very nice home, but sales in Oxford haven’t been bouncing back like they have in the Clarkston area. Unit sales are up slightly so far this year and median sales price is up a tad. No complaints- at least sales are up.

Through July sales volume in the Oxford school district are up 3 units- 152 units in 2010 and 155 units in 2011. And median prices in the Oxford school district went from $147,000 in 2010 to $149,500 through July of this year. But from the perspective of my soon to be new seller, the lack of inventory in his price range should be a great help in getting his home sold.

So far this year there have been 51 sales in the Oxford school district with sale prices between $120,000 and $175,000 the first 7 1/2 months of the year or 6.8 sales per month. There are only 13 active listings with the same criteria. Or less than a 2 month inventory.

Sounds like a seller’s market. I really won’t go that far since we are still selling at mid to late 1990’s prices. But I truly think the lack of inventory will help with the stabilizing and eventual increase in home prices in the Oxford MI area.

Oxford MI

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Jackie Hawley
ReMax Encore, Clarkston MI
cell: (248)736-6407

Jackie@JackieHawley.com

www.MiRelocation.com 

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oxford lakes oxford mi homes for saleOxford Lakes, Oxford MI- More Distressed Sales But Prices Still Stabilizing

In 2010 there were quite a few more sales in Oxford Lakes than in 2009, but there were also more distresses sale – short sales and foreclosures. In 2009 foreclosures and short sales made up 44% of the total sales in Oxford Lakes and in 2010 they made up 65% if the total sales. But despite the fact there were quite a few more bank owned and short sales the prices seemed to be a bit higher than last year.

2010 unit sales – 23
2009 unit sales – 18

10 bank owned and 5 short sales in 2010
7 bank owned and 1 short sale in 2009

In 2010 sale prices ranged from $119,178 – $350,000
In 2009
sale prices ranged from $77,900 – $400,000

2010 there were 6 lakefront sales (Oxford Lake) ranging from $135,000 – $350,000
2009 there were 3 lakefront sales (Oxford Lake)- $242,000, $300,000 and $400,000

oxford lakes sales

2010 there were no sales under $100K, 2 in the $120’s, 5 in the $130’s, 1 for $140K, 6 between $150K and $200K, 6 in the $200’s 

2009 there was 1 sale under $100K, 3 in the $120’s, 2 in the $130’s, 3 in the $140’s, 3 in the $150’s and none from $160K and $200K, 3 in the $200’s

Detailed chart of Oxford Lakes home sales with addresses, sale type, etc.

There are currently 5 sales pending in Oxford Lakes and 4 active listings for sale ranging in asking price from $124,900-$324,900.

Some of the Oxford Lakes sales in 2010 were half what they had sold for 5 or 10 years ago. 730 Lakes oxford lakes oxford mi homes for saleEdge, for example, is a lakefront home that recently sold for $177,000; it sold for $410,000 in 2003. 867 Bay Pointe Dr sold for $255,000 in 2010 and had sold for $450,000 in 2000.

Some of these houses were in pretty rough shape. Some were in move in condition. Many of the houses that sold in Oxford Lakes in 2010 were over 2000 sq. ft., 3 or 4 bedrooms, 2+ baths, basements and attached garages.

Oxford Lakes is located in the Village of Oxford MI and boasts 2 parks– 1 2 acre children’s park and a 6 acre park with a basketball court, 2 regulation size tennis courts, volleyball court, picnic tables, grills, gazebo, sandy beach and private boat launch. 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 of the lakefront homes have sandy beaches.

Oxford Lakes boasts many amenities such as sidewalks, community water and sewer, entrances onto 2 main roads, close to schools, and easy access to expressways.

Right now is a great time to purchase a home in Oxford Lakes– while many are selling for less than they had in the mid nineties and while interest rates are super low. Oxford MI is in the approved area for Rural Development mortgages which allow qualifying buyers to purchase with zero money into the transaction.

Please contact me for more information about your Oxford Lakes home purchase

Jackie Hawley
Keller Williams Realty

cell: (248)736-6407

Jackie@JackieHawley.com

Oxford MI Homes For Sale

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Oxford MI Home Listings- A Disgrace to Our Profession

monkey listing agengI normally hate to read an agent bad mouthing other agents. Most of the time those posts are more about a disagreement in philosophy on how to operate a real estate business. Things along the lines of do you need to Tweet to be a good agent, or are you wasting time and money on print ads and billboards. Basically stupid, judgmental posts. I am going to be less than complimentary to my fellow agents in this post and hope I don’t cross the line into the stupid, judgmental posts I just mentioned.

Earlier today I was working on a market analysis for a possible new listing in Oxford MI. After carefully going over many closed sales from the past 3 months I performed an MLS search for active listings in Oxford Township and the Village of Oxford with a price range of $120,000-$150,000. The results were very disappointing.

I don’t mean the actual pricing was disappointing. Of course there are probably some overpriced listings in the bunch, but I also know there can be reasons for this that are no reflection on the listing agent. It can be part of a pricing strategy on a short sale listing to show to a lender the house couldn’t sell at a higher price. It might be price high with built in price reductions to prove to a seller they can’t get the higher price. Or countless other reasons.

The disappointment came with HOW the listings were filled out.

14 active listings came up in Oxford between $120K and $150K. We are allowed 25 photos in the MLSoxford mi homes here and I understand when someone doesn’t use the entire 25 photos, BUT 1 listing had 1 additional photo and it was of the porch. 1 had 2 additional photos- both of the driveway. 1 had no additional photos and the agent remarks were “all term subject to satisfactory approval awesome home. for showing appt call or text ***-***-****” So much for using the MLS to sell your listings to other agents so they actually WANT to bring it to the attention of their buyers.

Another listing had no additional photos. The remarks made it sound very updated and it’s not a bank owned home. Why no photos?

Another listing used a photo of the address on the house as the primary photo and only 2 additional photos. This is a short sale. Hope the seller knows how hard his agent is trying to sell his house before it goes to foreclosure.

Another short sale doesn’t have the sub name in the legal description so it probably won’t come up in a search for that sub. The agent remarks only mention that it’s a short sale and subject to approval and commission will be 50-50 and measurements and amounts approx.

One listing is a lakefront but the lakefront search field was never marked so won’t come up in lakefront searches. The water name field is also blank.

That is 7 out of 14 listings with what I consider egregious omissions, errors or whatever you want to call it. I call it malpractice.

If you own a home in the Oxford area and want to sell, please contact me, Jackie Hawley, about how I will market your house. And I can tell you up front that marketing starts with a completely and accurately filled out listing with 25 photos (unless your house is under 900 sq. ft. or too messy, dirty or full to take interior photos) and a virtual tour (again unless your house is tiny, dirty or messy) attached to the MLS listing.

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

Marketing Your Oxford MI Home

The Nuts and Bolts of Selling Your Oxford MI Home

Getting Your Oxford MI Home Ready to List

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Red Barn Village, Oxford MI Finally Broke the $100K Ceiling- First Time Since Aug 2008!!

red barn village sub oxford mi home salesFor the first time since mid 2008 there was finally a sale over $100,000. On December 29, 2010 there was a closing at 1374 Foreland that closed for $116,500!!!! Great news for sellers and current home owners in Red Barn Village. For buyers? If you’re dragging your feetSTOP IT!! Prices are starting to level off and even started creeping up in some areas. On average Oxford sales in 2010 were up from 2009 significantly.

For the most part, prices in Red Barn Village sub are still quite low:

In 2010 there were 10 closings in Red Barn ranging in price from $46,500-$116,500- all foreclosures except for the house that sold for $116,500. 1374 Foreland sold earlier in the year for $52,000 as a bank owned home then re-sold at the end of the year for $116,500.

The second highest sale price in Red Barn in 2010 was $77,600. 4 houses sold in the $70’s, 1 in the $60’s, 3 in the $50’s and 1 in the $40’s. As of Jan 10, 2011 there were no active listings in Red Barn sub and 1 sale pending with an asking price of $74,900.

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.

This is also a great opportunity to own a house that had once sold for $150,000 or $160,000 or more and probably have a payment that is less than rent in most places with Lake Orion schools. Most of the homes in Red Barn are 3 bedroom homes, some have only 1 bathroom, but many have 1 1/2 or 2 baths. Unless the house is a tri-level most of the houses have basements.

In 2006 the MLS shows 5 sales ranging from $145,000-$172,000

In 2007 the MLS only shows 2 sales- both bank owned– with sale prices of $113,975 and $116,000.

2008 shows 3 sales of $76,095, $91,755 and $140,000 and 2 leases both for $1100/month

There were 7 sales in 2009– 6 bank owned and 1 short sale. 2 sold in the $50’s, 2 in the $60’s, 2 in the $80’s and 1 in the $90’s

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:

 If you are considering buying or selling in Red Barn Village please call or email:

Cell: 248-736-6407

Jackie@JackieHawley.com

For Sellers

For Buyers

Homes for Sale in Oxford MI

Home for Sale in Lake Orion MI

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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

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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

in the graft above- the blue line is 2009 and the pink line is 2010

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. 

We will not know when we’ve hit the bottom until we’ve passed it.  Hopefully we are there. If you are considering selling and buying the house you though you couldn’t afford a few years ago, now might be a good time to consider that. If you either don’t have equity in your home (or if you do but don’t want to give it away at today’s prices) you may want to consider buying that step up home and leasing out your current home. 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.

But whatever your situation, if you are thinking about selling your house please don’t hesitate to contact me.

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

Specific Neighborhood Sales Data

Oakland County Michigan Lakefront Homes For Sale

Oxford Michigan Homes For Sale

Selling Your Oxford Michigan Home

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