Lake Orion Michigan Real Estate Sales- Home Prices Still Up! Inventory Down!
Despite the fact that unit sales have been down the last 4 months in a row, and that the median sale price for October was down slightly from last October (less than 1/2%) Orion sales are still up year to date.
5 of the past 6 months have shown median sale prices above the previous year and October median sale price was down only $500 from the median sale price for last October. Part of the reason for this is the decrease in foreclosure sales. Last year foreclosures made up 48% of the total sales in Lake Orion Michigan but only 38% this year.
Short sales made up 8% of total sales through October, 2009 but so far this year have made up 20% of total sales in Lake Orion, Michigan.
The amount of distressed sales is about the same this year as last year, but with the shift from foreclosure sales to short sales we are seeing a rise in prices. The median sale price so far this year for foreclosed listings has been $96,250 opposed to a median sale price of $170,000 for Lake Orion short sales.
Since all sales are used to set market value, this is a good trend for home owners- whether they're selling or not. This might not be the greatest news for home buyers. When you consider the median sales price for Lake Orion is was down 7.7% half way through the year, it's pretty positive news that prices are up at all only 4 months later.
Part of this is due to the decrease in foreclosures and part of this is due to the decrease in inventory. On Nov. 16, 2010 there were only 147 active listings. On Nov. 19, 2009 there were 214 active listings.
Through October:
Unit Sales 2009: 307
Unit Sales 2010: 323
Median Sales Price 2009: $149,200
Median Sales Price 2010: $150,000
Foreclosure Sales 2009: 148
Foreclosure Sales 2010: 122
Short Sales 2009: 24
Short Sales 2010: 63
Overall, prices are on the rise, inventory is down, and I have no clue about the unit sales. They started strong but have been on the decline. Half way through the year there were 217 closed sales in Lake Orion opposed to 145 through the first half of 2009. At the end of Oct. unit sales are only up by 16 units- 323 in 2010. 307 units in 2009.
Whether you're a first time home buyer, step up buyer, looking for that lakefront cottage or investment properties, now is a great time to buy in Lake Orion Michigan. Prices are up from last year but way down from 2009 and WAY down from our peak in 2005. Interest rates are extremely low and property taxes have been dropping. Many neighborhoods are selling for mid to late 90's prices. Below are links to detailed sales data for various neighborhoods as well as detailed sales data for lakefront properties for various lakes in Lake Orion and surrounding areas.
Specific Neighborhood Sales Data
Oakland County Michigan Lakefront Sales Data
Oakland County Michigan Lakefront Homes for Sale
Lake Orion Michigan Homes for Sale
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