Year End Market Update Recap

All last week we brought you city by city year end market updates, if you missed any, let’s sum it up!

  • Click “Market Updates” Above to View them All
  • Click “Community Info” and Choose your City to view just yours

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid-late January, but should be relatively the same.

Royal Oak had the most total home sales coming in over 1200 not even including condo sales! The highest average sales price was found in Birmingham at $535,000 and they also take the cake for highest average price per square foot at $235/SqFt. The city quickest to sell was Bingham Farms with an average days on market of only 36! The highest sales price in our market area was in Orchard Lake at $4,300,000. Most all homes sold with-in 5% of their asking price.

Here is the National Association of Realtors predictions for the new year;

infographic-research-2015-housing-expectations-2015-01-07

 

Photo Credit: Realtor.Org

 

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
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