Posts Tagged ‘oakland county mi market conditions’

Do Oakland County MI Houses Sell in the Winter?

I have been asked this question quite a bit lately. The short answer is yes. Not as many as in the summer- as you can see from the graph below, there’s a big drop in January. This is due mostly to the Christmas holidays. Thanksgiving and New Years affect this, too.

oakland county mi sales







I used last year because it was a full year with mostly non distressed sales, and 2005 which was also a year with few short sales and foreclosures.

If you are thinking about selling, there is really no bad time to list. Buyers buy year ’round. Buyers in the winter tend to be more serious. It is not fun to look at houses with snow up to your butt, so you may have less showings for the same outcome- a sold house. There also tend to be less houses for sale in the winter so the competition is less.

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Here in Southeast Michigan– specifically North Oakland County Michigan– home prices have been creeping back up and inventory is much lower than this time last year. In fact in many areas we are looking at a 4-6 month supply of active listings.

This week we had yet another appraisal come in low. And again the appraiser states twice in the appraisal that the subject property is in a declining market and actually subtracted value off the comparable sales due to closing dates.

The facts are:

Subject property is in Springfield Township

Median sales price in Springfield Township in 2009 was $145,500. Median sales price so far in Springfieldwhat are the appraisers drinking Township this year is $166,000. UP 12.3% from last year. Springfield Township has been averaging 12.4 sales per month and there are currently 82 homes on the market or a 6 1/2 month supply.

Since Springfield Township is not heavily populated I decided to check the surrounding townships. In fact, WITHOUT EXCEPTION, prices were UP in every township in North Oakland County I checked.

So what are these appraisers drinking? The Kool Aid the media is handing out? Are they spending their time at the bar drowning in their sorrows because they have to give up a portion of their fees to the appraisal management companies? Maybe they need to spend a bit more time learning their market. For North Oakland County the facts are as follows:

Independence Twp/Clarkston:
2009 median sale price: $150,000
2010 median sale price: $163,000
5.1 month supply of active listings

Waterford and Keego Harbor:
2009 median sale price: $70,000
2010 median sale price: $72,000
6.2 month supply of active listings

Brandon Twp/Ortonville:
2009 median sale price: $110,000
2010 median sale price: $129,750
6 month supply of active listings

Orion Twp/Lake Orion:
2009 median sale price: $150,000
2010 median sale price: $153,950
4.2 month supply of active listings

2009 median sale price: $140,000
2010 median sale price: $158,000
4.3 month supply of active listings

And the same trend for Rochester, Rochester Hills, Oakland Township, Addison Township and Leonard.

Some may just look at this as appraisers being conservative. Buyers look at this as often times not being able to get the house they want. Often times these buyers have looked a many were in a multiple offer situation on the house that didn’t appraise and know the value is there.

Sellersmay be able and willing to come down and don’t understand why, since there were 3 other people willing to pay more than the appraised value. Or the sale may just die– hopefully the low appraisal wasn’t an FHA appraisal that will stick to the house for the next 6 months.

If it does close at the lower value the neighbors just got told to grab their ankles since the value of their homes were just reduced because of a “cautious” or “conservative” appraisal.

The government needs to remove the shackles from the appraisers so they can do their jobs properly. In the meantime, more appraisers need to do their job and learn their market. A declining market in 2009 does not mean a declining market in 2010.

The numbers above include all sales- short sales, bank owned homes as well as regular sales. I also found the trend to be the same in specific neighborhoods and subdivisions. The links below will take you to more detailed market data.

community values

Lake Orion



The Preserve, Lake Orion MI

Round Tree, Lake Orion MI

Rolling Meadows, Lake Orion MI

Lake Lapeer lakefront sales

Lake Orion lakefront sales

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