"Housing activity this year will be somewhat lower than in earlier forecasts, with clearer analysis of the effects of stricter lending standards and a decline in subprime mortgage origination, according to the latest projections by the National Association of Realtors." The latest predictions are for existing homes sales to be down 2.9 percent and prices to be down 1 percent compared to 2006. Our local market seems to be following the national predictions.
In Wayne County, the average sale price has dropped from the April 2006 price of $132,156 by 19 percent to $107,238. The median sale price decreased by 15 percent to $86,500 and the average market time has increased by 10 percent, increasing from 97 days to 107 days.
Wayne | Average | Median | Highest | Average |
April 2007 | $107,238 | $86,500 | $1,430,000 | 107 |
April 2006 | $132,156 | $99,000 | $1,771,655 | 97 |
Oakland County numbers are following the same trend. The average sale price in Oakland County was $185,177, 13 percent lower than April 2006. The median sale price has dropped by 11 percent to $165,000 and market times have increased from 104 days to 135 days...a 30 percent increase.
Oakland | Average | Median | Highest | Average |
April 2007 | $185,177 | $165,000 | $1,650,000 | 135 |
April 2006 | $212,622 | $185,000 | $1,200,000 | 104 |
Even though both Wayne and Oakland County have experienced a depreciation of prices, this depreciation will vary from neighborhood to neighborhood. Please give us a call for more precise neighborhood market statistics.
Now is a perfect time to be buying a home in Wayne and Oakland counties. Prices are softer than in years and there are bargains to be had. You can "Search the Realtor Database" by visiting GotHomeListings.com. It is fast,easy and FREE!
Statistics provided by 2006 Realcomp II Ltd. and are deemed reliable but not guaranteed.
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