Are you ready to buy or sell real estate? We’ve got more good news and reasons why you absolutely should!
We have another positive month for the private ownership market for our entire REALCOMP® Multiple Listing Service area, closing the month with a strong lead at 80.8% of private owned properties, followed with a minimal 13.2% identified as foreclosures and only 6% as short sales. All supporting that things are coming back in balance. These consistent numbers reveal that the real estate market has stabilized and in most cases, is still rising.
The overall median sales price for October this year over October 2012 is up by a resounding 40.2% with a value of $124,800 over $89,000 for last year. All but one county in this report showed increases in value, excluding St Clair which reflected a 2.2% drop. Narrowing in on Oakland County, numbers are strong with an 18.7% increase at $174,550 this year over $147,000 last.
October is also the second month in a row and the 6th month in 2012 reporting an overall increase of the median number of homes sold, up slightly at 0.7%. Oakland County is at the high end this month with a 10.8% increase in the number of home sales (1787) over October 2012 (1613). This tells us that while more homes may have come into inventory, buyers are buying, which means real estate is still moving!
If you are ready to buy, this is an ideal time to get started, as you will have less buyer competition this time of year. For sellers, this IS the time to list, as your home looks absolutely best during the holiday season and only the most serious buyers will be out! Call today and let us help you realize your dream!