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.