The following is an end of the year market analysis for Oakland County Michigan. It compares residential homes sold in 2007 with 2008 to determine the # of homes sold for the year and the increase/decrease in average sold price. It also distinguishes how many homes were recorded to be Bank Owned as opposed to private owned. Total number of Homes Sold include private, bank owned and short sales. In the latter part of 2008, Realtors were required to categorize ownership status so figures may not truly reflect the actual number of bank owned for 2007 and part of 2008. This data includes many communities hit hard with foreclosures like Southfield and Oak Park as well as very high priced homes in the millions such as Bloomfield Hills. To insure that leases were not included, the search started at $25,000 minimum price.
1717 Bank Owned Homes sold in 2007
Average List Price
$156,920.00
Average Sold Price
$147,522.00
Median List Price
$132,900.00
Median Sold Price
$125,000.00
Highest List Price
$1,099,000.00
Highest Sold Price
$1,057,500.00
Lowest List Price
$23,900.00
Lowest Sold Price
$25,000.00
Avg. Days On Market
90
Avg. Days On Market
91
3783 Bank Owned Homes Sold in 2008
Average List Price
$137,826.00
Average Sold Price
$130,775.00
Median List Price
$109,900.00
Median Sold Price
$104,000.00
Highest List Price
$1,299,900.00
Highest Sold Price
$1,169,000.00
Lowest List Price
$13,750.00
Lowest Sold Price
$25,000.00
Avg. Days On Market
86
Avg. Days On Market
88
9757 Homes sold in 2007
Average List Price
$244,973.00
Average Sold Price
$231,242.00
Highest List Price
$4,250,000.00
Highest Sold Price
$3,650,000.00
Lowest List Price
$3,000.00
Lowest Sold Price
$25,000.00
Avg. Days On Market
132
Avg. Days On Market
133
10489 Homes sold in 2008
Average List Price
$203,463.00
Average Sold Price
$190,106.00
Highest List Price
$14,500,000.00
Highest Sold Price
$9,800,000.00
Lowest List Price
$1.00
Lowest Sold Price
$25,000.00
Avg. Days On Market
127
Avg. Days On Market
128
In 2008, Oakland County had a 7% increase in homes sold
In 2008, Oakland County had an 18% decrease in average sold price
In 2008, Oakland County had a 55% increase in Bank Owned homes sold
In 2008, Oakland County had a 11% decrease in average Bank Owned sold price
In 2007, 17 homes sold at $1,425,000--$4,260,000 & Avg. DOM was 308
In 2007, 3 Bank Owned homes sold for $ 925,001--$1,057,500
In 2008, 29 homes sold at $1,025,000(22)--$9,800,000(1) & Avg. DOM was 203
In 2008, 4 Bank Owned homes sold for $ 925,001--$1,169,000
Statistics rounded to the nearest percent & compiled from RealComp II data which is believed to be reliable.
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Oakland County MichiganRealtor selling Real Estate in Southeastern Michigan. TishHouse sells Houses - selling Oakland County Real Estate with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.
Royal Oak Realtor located in Birmingham Michigan, selling Real Estate in Birmingham, Royal Oak, Beverly Hills, Berkley and surrounding communities on Oakland County and Metro Detroit
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