The Real Estate market continues strong as we close out the first half of the year with June numbers reporting a very similar story as its previous months.
One continuing positive Real Estate trend for June is the increase of the private ownership listings. For example, the foreclosure inventory has decreased over 24% this June over last year. Less REO properties (Real Estate Owned or “bank owned”) means better property conditions, less inventory saturating the market and thus higher property values. This private ownership market is a win for all sellers, buyers and lenders.
The number of private owned listing ‘short sales’ has also continued to drop throughout the first half of this year with June showing a significant decrease of over 43% compared to the same time last year! With market values having increased, sellers are finally allowed a higher net return on their home sale enabling them to move on and move forward with their life plans.
In Oakland County, the number of sales for June 2014 was down 5.5% over the same time period in 2013. Lower overall listing inventory plays a major role in these numbers. As for the MEDIAN sales price comparison, that shows a healthy 9.8% increase.
The overall combined Realcomp® numbers, support Oakland County’s with the number of sales showing a very slight 1.1% increase and the MEDIAN sales price up 17.9% over June 2013.
In closing, whether selling or buying, it really is a great time in real estate. Call us today to allow us to help you achieve your real estate goals!! 248-628-7700