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Health & Fitness

Oakland County Spring 2013 Real Estate Update - What are your neighborhood stats?

Take a look at Spring 2013 real estate statistics for Oakland County communities. Prices are increasing, inventory is at an 11 year low, and it is indeed a Seller's market! Sellers take notice!

Derek Bauer - The Door to Dreams Home Selling Team - Real Estat, Neighbor
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For those of us who are homeowners, it is comforting to see that prices are finally headed in the right direction!  In-fact, for the first time in years, you may have been pleased in receiving your 2013 tax assessment last month.  Many of my clients are reporting that their property is now being taxed at a lower value than it would actually command in today's market.  Finally, eh?!

While this pleases many, it is a primary frustration for others.  If you are currently house hunting, or were at any time in the last 7 - 10 months, you know properties to pick from are few and far between, and be prepared to compete with many others for those good listings.  I expect that to be the landscape for much if not all of 2013.  For a primary metro-Detroit MLS (Realcomp), on-market inventory is down nearly 24% from this time last year which represents a new low since Spring 2002.

The table below looks specifically at some Oakland County zip codes to see how they fare according to Realcomp compared to the same period in 2012:

NOTE:  The figures represented above are estimates derived by data published by Realcomp for January - February figures in 2013 as were compared to 2012.  Do not assume that your particular property has increased or decreased by the amount averaged for your zip code.  If you have questions specific to your property, contact a real estate expert.

If a city has a hyperlink, it allows you to go and browse the properties for sale for that particular municipality.

Zip Code: City: % Change in new inventory: YTD Change in # of sales: Increase/ Decrease in median sales price 48009 Birmingham Down 11% Up 22% Up $233,500 48017 Clawson Down 5% Down 33% Up $22,550 48025 Franklin, Beverly Hills, Bingham Farms Down 19% Up 30% Up $73,750 48067 Royal Oak Down 7% Up 19% Up $61,213 48072 Berkley Down 27% Up 43% Up $31,500 48073 Royal Oak Down 5% Down 5% Up $51,700 48083 Troy Down 50% Same Up $64,000 48084 Troy Down 23% Down 40% Up $18,250 48085 Troy Down 63% Up 32% Flat 48098 Troy Down 17% Up 7% Up $61,500 48165 New Hudson Down 43% Up 10% Up $26,250 48178 South Lyon Down 17% Up 5% Down $32,500 48301 Bloomfield Hills / Bloomfield Twp. Up 16% Up 59% Up $95,000 48302 Bloomfield Hills / Bloomfield Twp. Same Down 7% Up $20,000 48304 Bloomfield Hills Down 47% Up 18% Up $58,900 48306 Rochester / Rochester Hills / Oakland Twp. Down 27% Up 32% Up $52,000 48307 Rochester / Rochester Hills Down 29% Down 22% Up $47,750 48309 Rochester Hills Up 43% Down 13% Down $6,500 48322 West Bloomfield Up 44% Down 12% Up $30,100 48323 West Bloomfield / Orchard Lake Down 9% Up 122% Up $68,125 48324 West Bloomfield / Orchard Lake Down 14% Down 11% Up $120,500 48326 Auburn Hills Down 32% Down 46% Down $15,250 48331 Farmington Hills Up 35% Up 48% Down $3,000 48334 Farmington Hills Up 6% Same Up $9,000 48335 Farmington / Farmington Hills Down 5% Up 61% Down $2,750 48336 Farmington / Farmington Hills Same Up 7% Up 34% 48346 Clarkston / Independence Twp. Down 45% Down 7% Up $28,000 48348 Clarkston / Independence Twp. Up 63% Down 2% Up $118,884 48356 Highland Down 20% Up 42% Up $19,150 48357 Highland Up 25% Up 20% Up $83,042 48359 Lake Orion / Orion Township Down 17% Down 30% Up $181,000 48360 Lake Orion / Orion Township Down 45% Down 7% Up $124,000 48362 Lake Orion / Orion Township Up 3% Up 59% Up $189,000 48363 Oakland Township Up 36% Up 550% Up $11,275 48374 Novi Same Up 6% Up $105,985 48375 Novi Up 16% Down 52% Up $115,250 48377 Novi Down 56% Down 12% Up $27,000 48380 Milford Up 50% Up 43% Down $67,100 48381 Milford Down 22% Up 27% Up $19,300 48382 Commerce Twp. Down 16% Up 27% Up $24,668 48383 White Lake Twp. Down 33% Up 9% Down $20,691 48386 White Lake Twp. Down 32% Up 3% Up $75,000 48390 Walled Lake / Commerce Twp. Down 17% Up 47% Up $70,050 48393 Wixom Down 7% Up 73% Up $18,600

The current opportunities for homeowners to sell for top dollar are exceptional!  If you are considering a sale or want to know what your home is worth in this market, contact your local real estate expert.  If you do not have one, we would appreciate the opportunity to speak with you.

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