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Posts Tagged ‘lake orion mi home sales’

Lake Orion MI Home Sales- Market Update

Unit sales are down and average and median sales prices are up. Or are they?

Lake Orion, MI is recovering from a housing crisis that lasted close to a decade. Statistics show that prices started dropping in 2006. I felt it in 2005. In 2009 the amount of distressed sales (foreclosure and short sales) surpassed the amount of non-distressed sales. Distressed sales were the norm for 3 years. 3 years where Lake Orion MI had more foreclosure and short sale closings than regular old fashioned sales. And when you have that many distressed sales it affects the prices of all sales.

In 2012 there was a drastic reduction in distressed sales but they still made up 39% of total sales. 23% of the sales in 2013 and thus far in 2014 (first 3 quarters) 11% of total sales.

lake orion mi home sales

So I think to just compare unit sales this year vs unit sales last year is not an accurate measure of the market. Same when comparing prices. Or time to sell.

All residential sales in Lake Orion, MI through Sept (1st 3 quarters):

Unit sales are down 7%, the average sales price is up 6% and the median sales price is up 1%.

Non-distressed sales in Lake Orion, Mi for the same time frame:

Unit sales are up 8%, average sales price is down ½% and the median sales price is down 1%.

Non-distressed sales data is better than it sounds. The average sales price is up 12.5% from 2012, the median sales price is up 12.3% and unit sales are up 36%.

The average sales price so far this year is $265,008 and the median sales price is $246,000. The average sales price in 2003 was $260,252. I can’t pull the amount of distressed or non distressed sales in 2003 or 2004 or 05…. It wasn’t a search field in the MLS at that time. But it is pretty safe to assume that prior to the end of 2005 foreclosure and short sales were minimal.

lake orion mi home sales

There were 384 non distressed sales in 2013 vs 543 sales in 2003. If we stay on track of an 8% increase over last year we should have about 415 non distressed sales this year. Less than 2003 but not that far off considering that distressed sales still make up 11% of our market.

However you look at the numbers, if you are buying a home in Lake Orion MI, prices are on the rise and interest rates won’t stay this low forever.

If you are considering selling your Lake Orion, MI home, we have been in a recovering housing market for a few years, interest rates are low, so this is a good time to sell.

Call Jackie Hawley, Realtor
Remax Encore
(248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com

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Rolling Meadows, Lake Orion MI Market Conditions– Good News If You’re Selling

Rolling Meadows Lake Orion MI real estateGreat news for homeowners in Rolling Meadows in Lake Orion Michigan. The median sales price is up for the 2nd year in a row! We’re still a long ways from the peak times, but better than 2009 or 2010.

Median Sales Price:

2011- 13 units at $228,000 2010- 14 units at $213,500 2009- 16 units at $210,000

There were no bank owned sales in 2011 and only 2 short sales.

The lowest sales price was higher each year than the previous year as well as the top end price was higher each year than the previous year.

2011 sale prices ranged from $194,000 – $265,000 2010 sale prices ranged from $164,505 – $237,000 2009 sale prices ranged from $153,000 – $247,000

12 of the homes sold within 26 days on the market and 1 house took 71 days to sell. I define days on the market as timeRolling Meadows Lake Orion MI real estate from the last price change (if any) until pending. Overpriced houses aren’t really on the market. Properly priced homes sell since the time frames to sell in Rolling Meadows are about the same as the rest of the areas.

There were 4 homes financed through FHA and 9 utilized conventional mortgage financing. Most of the homes that sold in Rolling Meadows sold within about 5% of asking price. 1 house sold for 2 1/2% over asking price and 1 home sold at asking price.

2 houses in Rolling Meadows leased in 2011 at $1950/month and $2000/month (reported by Realcomp II MLS).

If you are considering selling your Rolling Meadows home, you may have more equity than you expected. Or getting closer to having equity again!

If you are thinking about buying in Rolling Meadows you need to call or email me so I can get listings to you the day they hit the market. Prices are up 6 1/2% from 2010 and up 8% from 2009. You still get a lot of house for the money and with interest rates so low buying in Rolling Meadows is still a bargain.

Rolling Meadows is a 265 home subdivision located just north of the I-75 and Baldwin Rd exit in Lake Orion MI. Homes were built in the mid 90’s and range from approximately 2000 sq. ft. to approximately 2800 sq. ft. Rolling Meadows boasts city water and sewer, sidewalks, subdivision tennis courts and swimming pool as well as a community club house.

For More About Rolling Meadows

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Homes For Sale In Lake Orion MI

Lakefront Homes For Sale In Lake Orion MI

Jackie Hawley
ReMax Encore
Cell: (248) 736-6407
Jackie@JackieHawley.com

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shores of long lake lake orion miShores of Long Lake, Lake Orion MI- More Positive Sales Data!!

2010 is over and the data is in! There were more sales in the Shores of Long Lake and the Village by the Shores, Lake Orion MI than in 2009, and prices were higher. The bank owned sales and short sales were in the same proportion in 2010 as in 2009.

2010:

12 sales total
5 lakefront sales
7 off the lake sales
4 short sales
2 bank owned sales

The prices for the off the lake sales ranged from $190,000-$280,000.
The prices for the lakefront sales ranged from $375,000-$432,000

2009:

6 sales total
3 lakefront sales
3 off the lake sales
2 short sales
1 bank owned sale

The prices for the off the lake sales ranged from $190,000-$240,000
The prices for the lakefront sales ranged from $347,000-$400,000

Prices are still down A LOT from 2005 when off the lake sales ranged from $300,000-$344,000 and the 1long lake lake orion mi lakefront that sold in 2005 sold for $630,000.

Many of the lakefront homes that sold in 2010 sold for $100K-$200K less than they had previously, so if you are a buyer the good news is you can steal a house. A house that sold for $580,000 in 2001 sold for $401,000 in 2010. But you might not want to wait too long. Prices are only inching up right now, but inventory is low and that is typically a precursor to rising prices. Also, mortgage interest rates won’t stay this low forever.

 

For more information about the Shores of Long Lake please visit its neighborhood page on my web site.

If you are a homeowner in the Shores of Long Lake the good news is if you don’t currently have equity in your home, you may sooner than you might have thought a year or two ago.

Lake Orion Sales Data

Homes for Sale in Lake Orion MI

Selling Your Lake Orion MI Home

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