Saturday, October 19, 2013

Home Sales up in Oakland County


Home sales are up in Royal Oak, Madison Heights and Huntington Woods — but other southern Oakland County communities bucked a recent upward trend, dropping 9.2 percent in August 2013 over the previous year, according to data provided by RE/MAX of Southeastern Michigan.
According to the report, only three of 12 communities in the county’s south end saw an increase in the number of homes sold in August.
In Royal Oak, sales jumped from 108 in August 2012 to 128 during August 2013 — an 18.5 percent increase.
Madison Heights recorded an increase of 7.8 percent, with 38 homes sold in August 2012 and 41 sold in August 2013.
Huntington Woods also posted an increase, from 13 homes sold during the same period in 2012 versus 15 this year.
In the remaining nine communities, sales dropped. The community that experienced the most severe decrease was Hazel Park, where home sales declined by 38.8 percent year over year. Berkley experienced the slightest decline, with a 7.7 decrease.
People are beginning to feel like they can break even if they sell their home.
But when those numbers are compared to countywide data compiled in a report released by Farmington Hills-based Realcomp — the entire county logged a modest 2.3 percent increase from August 2012 to 2013 — it begs the question: Is the southern part of the county being left out of the real estate recovery?
Listings down, prices increase
One factor that may skew the data in some communities is the fact that there are fewer listings, which translates into a drop in sales. The Realcomp report indicates that listings fell by 14.5 percent from August 2012 to 2013.
For example, the number of homes that sold in Birmingham dropped by 18.5 percent, but there are so few homes for sale in the city that a huge number of homes would have to be listed to move the number of homes sales.
Another factor causing would-be sellers to hold off on selling their homes is interest rates, which have been inching higher during the past several weeks,.
A bright spot for all of Oakland County is that housing prices, which suffered a long slide during the recession, have been steadily increasing each month.
In August 2013, Oakland’s median price for single-family homes increased to $185,000, up from $140,000 in August 2012. That’s an increase of 32 percent.
That increase outpaced median sale prices logged in Huron, Lapeer, Livingston and St. Clair counties. Nearby Macomb County logged a 47.4 percent increase, from $78,000 to $115,000, and Wayne County reported a 60 percent increase, from $60,000 to $80,000 during the same period.
Foreclosure sales fell by 46.5 percent, from 550 units in August 2013 to 294 August 2013.

Ronald Dwyer is a Real Estate Agent working with buyers and sellers.  He is also  an independent insurance agent licensed in Michigan for Home - Auto – Motorcycle - Watercraft - Business Insurance. He can be reached at rondwyer@roninsureme.com or 248-390-6345. His real estate website is http://www.dwyerproperties.com His Insurance Website is http://www.roninsureme.com or Twitter @ronalddwyerin sFacebook: http://www.facebook.com/dwyerinsurance / Linkedin:http://www.linkedin.com/in/ronalddwyer

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