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Posts Tagged ‘oxford michigan market conditions’

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

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