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How Many Homes Sold in Commerce Michigan in 2007?

Commerce Township Michigan 2007 Home Sales

Price Statistics Legend of Sold Homes**
For the 299 listings:	For the 299 Sold listings:
Average List Price	$272,507.00	Average Sold Price	$248,155.00
Median List Price	$259,900.00	Median Sold Price	$240,000.00
Highest List Price	$740,500.00	Highest Sold Price	$670,000.00
Lowest List Price	$52,800.00	Lowest Sold Price	$1.00

Average Days on Market 143 Days

** Information based upon a search of Commerce Twp on Realcomp II LTD Multiple Listing Service, January 6, 2008. Information from all homes listed and sold by all real estate companies. Corrected 1/8/2007

Breaking down home sales for 2007 within Commerce and Commerce Twp Michigan: Of these sales 216 homes were not lakefront properties. Many homes in Commerce have lake privileges. 83 homes were waterfront homes which were those homes having property frontage bordering a lake, canal, or river. 62 of these homes were on area All-sport or those not having a no wake or no motorized watercraft designation with the State of Michigan. The remaining 21 homes were located on non all-sport waters.

Lakefront home sales increased as compared to 2006 home sales in Commerce and Commerce Twp Michigan. In 2006, there were 303 home sales total but only 39 waterfront home sales. Of the 39 waterfront home sales in 2006, 29 were located on all sport lakes.

Foreclosure and Short Sale Properties: These are relatively new fields so the numbers may be higher than indicated. In the last half of 2007 only 37 homes were indicated as foreclosure, short sale homes (deed in lieu), or corporate owned. Additional homes might be available searching listing agents remarks.

Currently, there are 361 homes for sale below $800,000 in Commerce and Commerce Twp (excluding Walled Lake and Wolverine Lake Village) (369 homes total) Although homes sold indicated an average of 160 Days on Market, market absorbency is a better indication how long it would take for all homes to sell if no additional homes entered the market. 299 homes selling during the past year, and 361 homes currently for sale, the market absorbency for the area is 14.5 months. Any value above 6 months is considered a Buyers Market.

Thinking of selling or purchasing a home in southeastern Michigan? No sign in search is available at
http://www.Mi-Living.com. Information about foreclosures and short sale homes is available by email upon request.

Posted by Gary Smith on 01/06/2008 06:21 PM

Comments (9)

commerce township michigan, commerce michigan, homes for sale, homes sold

This post has been included in Michigan Information Oakland County, MI Information Commerce Township, MI Information

9 Comments on How Many Homes Sold in Commerce Michigan in 2007?

JAN

2008

I like that so many homes that sold are waterfront homes. This coming summer many many people in Commerce Township are going to be having some fun :-) Nice job Gary.

Chris, Thanks, as you can see, waterfront property recovers faster than other homes.

We have a bi-level in commerce township, we purchased 9 years ago, and can't sell it for what we bought it for then. We have upgraded, consistently. So let me get this straight, The whole purpose for buying a house was to not waste money renting, right? Well, it appears that, I should have rented, because I'm not getting the return on buying (no appreciation) and most definitely spent over $25,000 in upgrades. Hmmmm, who told me 10 years ago, that buying is better than renting. Good Advise, or Bad?

Lu, Did you perform the remodeling to sell your home or to improve living in the home? There is a certain life expectancy for all remodelling/renovation because of depreciation and wear and tear. Homes have increased in value over the past 10 years in Commerce. Current market conditions simply are not condusive for a sale unless you are purchasing a home $60,000 or more above your current value (buying up in a down market), moving to a State where home values are increasing, or are in danger of foreclosure. Once lenders get their act together and stop all the foreclosures hitting the market home values in Commerce Michigan will rebound.