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Lake Orion MI Home Sales- Market Update
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.

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% ... more

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