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%.

Non foreclosure home sales were  up 11%!! We had 2,411 in Dec 2011 up from Dec  2010’s number  of 2,188—and prices went up from $140,000 to $142,000 for Oakland County, Michigan.

Macomb, Livingston, Wayne and Oakland Counties sales increased over 2010 for the month of December by 5.8%! We hope this new information is great news for consumers—still great time to buy at low prices, and seller’s can get their homes on market and are beginning to see a quicker turn around on market time!

A little additional market information includes

Average days on market decreased by 2 days for all areas

14.73% of all sales reported were identified as short sales

Approximately 46.8% of all sales in December were identified as cash sales

All information provided by RealcompII a real estate multiple listing  services covers over 10,500 Realtors in SouthEastern Michigan