Increased optimism that a Greek bailout package will be approved on Monday caused investors to shift to riskier assets, which was negative for mortgage rates. Mixed US growth and inflation data had little net impact. Mortgage rates ended the week a little higher.
Oakland County home sales are down 1.1% from January 2010 at 1,117 sales to January 2012 1,105. However, the average sale price was up 5.3% to $100,000 in January 2012.
Oakland County had a large drop in inventory for sale from 8,617 homes in January 2011 to 6,483 in January 2012. This reduction in inventory is limiting choices for buyers, and helping properties to sell more quickly—there are still hot deals, but they are not lasting on the market long!
The most significant influence on mortgage rates this week was Friday’s Employment report, which was much stronger than expected. Events in Europe have had less impact on US markets in recent weeks. While mortgage rates moved lower early in the week, they ended the week a little higher.
Homes Sales Market Report
Oakland County home sales are up 5.9% from December 2010 at 1,320 sales to December 2011 1,398. The average sale price was up 5.6% to $115,000 in December 2011.
Oakland County had a large drop in inventory for sale from 8,427 homes in December 2010 to 6,109 in December 2011. This reduction in inventory is limiting choices for buyers, and helping properties to sell more quickly—there are still hot deals, but they are not lasting on the market long!
The number of foreclosures sold was down 2.4% from 504 in 12/10 to 492 in 12/11. The median sale price of a foreclosure property was up from $60,000 to $65,000 in December 2011—that’s a market increase of 8.3%.
Oakland County home sales are up 1.7% from November 2010 at 1,316 sales to November 2011 1,339 sales. The average sale price was up 1.5% to $108,000 in 11/2011.
Oakland County had fewer homes for sale in 11/2011 of 7,006 homes from 9,483 in 11/2010. The reduction in inventory is giving home buyers less choices of homes to buy. There are still good deals on the real estate market, but the good homes are going quickly. Continue reading "Real Estate Home Sal"
Home sales for Oakland County Michigan for October 2011 show that home sales are up 9.7% and the medium sale price is up 13.5%. This is great news for the real estate market.
We are seeing the continue decline in number of homes for sale. That should bring up the sale price. However we are still having a hard time with appraisals hitting value and it looks like it may become harder on the appraisal issue.
There still is a slow down in the number of foreclosure home for sale in our area. The market currently has 14% of the total inventory that is bank owned. We are seeing some great deals with short sales if the buyer has the time to wait.
Other data about the south eastern real estate market include, Residential and Condominium sales across Real comp’s MLS areas were up 6.1% from 4,902 in October 2010 to 5,199 in October 2011. All MLS median sale price rose 8.2% from $67,000 in October 2010, to $72,500 in October 2011.
Of 5,199 sales closed in October of this year, 14.23% (740) were identified as short sales. All MLS on-market inventory declined by 17.1% from 36,351 in October 2010 to 30,147 in October 2011. Approximately 22.81% of the on-market inventory (6,878) is comprised of properties identified as short sales.
