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Rochester Hills 2008 Market Analysis Compared to 2007

By Cathy Tishhouse

Real Estate Agent with RE/MAX Showcase Homes

January 04, 2009 08:15 AM

The following is an end of the year market analysis for Rochester Hills Michigan. It compares only 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. To insure that most leases were not included in data, minimum sale price used was $15,000.

57 Bank Owned Homes sold in 2007

Average List Price	$220,239.00	Average Sold Price	$208,898.00
Highest List Price	$729,000.00	Highest Sold Price	$650,000.00
Lowest List Price	$84,000.00	Lowest Sold Price	$84,000.00
Avg. Days On Market	95	Avg. Days On Market	97

119 Bank Owned Homes Sold in 2008

Average List Price	$155,914.00	Average Sold Price	$147,808.00
Highest List Price	$493,500.00	Highest Sold Price	$493,000.00
Lowest List Price	$20,000.00	Lowest Sold Price	$18,300.00
Avg. Days On Market	75	Avg. Days On Market	76

556 Homes sold in 2007

Average List Price	$289,807.00	Average Sold Price	$275,107.00
Highest List Price	$1,495,000.00	Highest Sold Price	$1,225,000.00
Lowest List Price	$60,000.00	Lowest Sold Price	$50,000.00
Avg. Days On Market	137	Avg. Days On Market	138

497 Homes sold in 2008

Average List Price	$245,722.00	Average Sold Price	$229,859.00
Highest List Price	$1,490,000.00	Highest Sold Price	$1,300,000.00
Lowest List Price	$20,000.00	Lowest Sold Price	$18,300.00
Avg. Days On Market	130	Avg. Days On Market	131

In 2008, Rochester Hills had a 7% increase in homes sold

In 2008, Rochester Hills had an 18% decrease in average sold price

In 2008, Rochester Hills had a 55% increase in Bank Owned homes sold

In 2008, Rochester Hills had a 11% decrease in average Bank Owned sold price

In 2007, 3 homes sold at $915,001--$1,225,000 & Avg. DOM was 212

In 2008, 1 home sold over $915,001 at $1,300,000 & Avg. DOM was 1024

Statistics rounded to nearest % & compiled from RealComp II data believed to be reliable.

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Rochester Hills Michigan Realtor 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.