Oakland County Real Estate: Year End Market Update

We hope you have a happy and healthy 2016! Another year has come and gone..

For the most part, the market has begun to stabilize, the fast paced rise in values we’ve seen in years past is no more. Most area’s are only up a few dollars per SqFt as far as average sales price & the time it takes to sell a home has increased slightly. 

2016 will likely complete the shift from a sellers market to a balanced market. As the market balances we will probably see less and less multiple offer situations and bidding wars on the same property, especially as the sellers who have been holding onto their homes start putting them on the market. 

It is however, still a great time to buy and sell, because interest rates remain low. Keep in mind at the peak of the market before things crashed back in 2005/2006 interest rates we’re 2%+ higher then they are now. So while home values are back close to those 2005/2006 #’s – The interest rates are lower meaning buyers can afford more.

If rates rise back up to 2005/2006 levels, mortgage payments will go up about $125 per $100,000 – So what a buyer can afford today may not be realistic anymore. 

Here is a city by city breakdown of the sales in our immediate market area. Your city not listed? Feel free to Contact Me for a report. 
View past years #s by clicking on the city name

Berkley, Michigan
2014: 404 Homes Averaging $141/SqFt and 49 Days On Market
2015:  413 Homes Averaging $150/SqFt and 41 Days On Market

Beverly Hills, Michigan
2014: 175 Homes Averaging $160/SqFt and 42 Days On Market
2015: 191 Homes Averaging $168/SqFt and 46 Days On Market

Birmingham, Michigan
2014: 445 Homes Averaging $235/SqFt and 67 Days On Market
2015: 495 Homes Averaging $241/SqFt and 87 Days On Market

Bloomfield Township, Michigan
2014: 559 Homes Averaging $166/SqFt and 73 Days On Market
2015: 618 Homes Averaging $168/SqFt and 82 Days On Market

Commerce Township, Michigan
2014: 468 Homes Averaging $122/SqFt and 60 Days on Market
2015: 475 Homes Averaging $129/SqFt and 54 Days on Market

Farmington Hills, Michigan
2014: 785 Homes Averaging $106/SqFt and 52 Days on Market
2015: 826 Homes Averaging $110/SqFt and 55 Days on Market

Franklin, Michigan
2014: 50 Homes Averaging $165/SqFt and 85 Days On Market
2015: 52 Homes Averaging $158/SqFt and 88 Days On Market

Northville, Michigan
2014: 40 Homes Averaging $152/SqFt and 45 Days On Market
2015: 47 Homes Averaging $159/SqFt and 48 Days On Market

Novi, Michigan
2014: 496 Homes Averaging $140/SqFt and 41 Days On Market
2015:  533 Homes Averaging $142/SqFt and 51 Days On Market

Oak Park, Michigan
2014: 234 Homes Averaging $68/SqFt and 43 Days On Market
2015: 327 Homes Averaging $76/SqFt and 39 Days On Market

Royal Oak, Michigan
2014: 1293 Homes Averaging $151/SqFt and 46 Days on Market
2015: 1408 Homes Averaging $158/SqFt and 48 Days On Market

Southfield, Michigan
2014: 518 Homes Averaging $69/SqFt and 48 Days On Market
2015: 554 Homes Averaging $77/SqFt and 46 Days On Market

Walled Lake, Michigan
2014: 44 Homes Averaging $117/SqFt and 74 Days On Market
2015: 39 Homes Averaging $111/SqFt and 36 Days On Market

Waterford, Michigan
2014: 905 Homes Averaging $101/SqFt and 53 Days On Market
2015:1052 Homes Averaging $106/SqFt and 54 Days On Market

West Bloomfield, Michigan
2014: 683 Homes Averaging $121/SqFt and 63 Days On Market
2015: 741 Homes Averaging $125/Sqft and 71 Days On Market

White Lake, Michigan
2014: 384 Homes Averaging $117/SqFt and 61 Days On Market
2015: 394 Homes Averaging $128/Sqft and 75 Days On Market

Wixom, Michigan
2014: 114 Homes Averaging $114/SqFt and 44 Days On Market
2015: 153 Homes Averaging $124/Sqft and 57 Days On Market

Wolverine Lake, Michigan
2014: 49 Homes Sold Averaging $103/SqFt and 37 Days On Market
2015: 55 Homes Sold Averaging $125/SqFt and 55 Days On Market

 

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