I try to write about home sales statistics more often, but the truth is that I find it painfully dull. No, I don’t find the statistics dull. I find them rather informative quite honestly. The Economics major in me loves stats, charts and such things. It is the writing about them that I find tedious. Still, I think this information is important, so today I am making the effort.
According to Realcomp II, our MLS:
In the first two months of the fourth quarter, 4,430 jobs were added to the payrolls of Oakland County. As a result of these new jobs, the average monthly unemployment rate fell from 5.7% during the third quarter to 5.2% for October and November. The strong employment climate may help to create demand for home purchases.
…I like the thought of creating demand for home purchases. Sounds good right now, doesn’t it?
What happened in Oakland County in the 4th quarter of 2006?
The average price of a home fell in the fourth quarter of 2006 from $250,200 to $235,500, but Realcomp is forecasting a rise in average prices in the first quarter of 2007.
The number of homes on the market fell from 14,803 to 12,182 and Realcomp is predicting that it will remain stable in the beginning of 2007. Personally, I am predicting that we will see an increase in the number of the homes on the market in the first quarter.
2,330 homes were sold in Oakland County in the 4th quarter, a slight decrease from 2,843 sold in the 4rd quarter, and a relatively normal phenomenon for 4th quarter home sales. Realcomp is predicting that first quarter ‘07 sales will be lower than 4th quarter ‘06.
Days on the market increased to an average of 126 and will likely increase in ‘07.
Now lets take a look at a couple of zip codes. And a note of caution, these statistics are by zip code so they might not be truly representative of what is happening within a municipality.
Birmingham - 48009
46 homes were sold in Birmingham in the 4th quarter, a 9.8% decrease from the same period in 2005. The average home price was $431,000, which fell by 5% in one year. Average days on the market was 151 and homes sold for an average of 94.5% of asking price.
Franklin and Beverly Hills - 48025
Home prices rose in Franklin and Beverly Hills to an average of $336,000. The number of homes sold in the 4th quarter fell by 10.81% to 33 from year to year. Average market time was 118 days.
Troy - 48084
The average home price in 48084 was $290,600, which fell by 6.65% from 2005. 18 homes sold in the 4th quarter, an increase of 80% over 2005. Average market time was 111 days.
Bloomfield Township - 48302
The average home price in Bloomfield Township rose by 17.31% in 2006 to $599,700. 25 homes were sold in the 4th quarter, a 10.71% decrease from 2005. Average market time was 171 days.
That is it, that is all. I can do no more.
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________________________________________________________Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Ahmed Anies 03.04.07 at 8:18 am
Oakland County is avery nice place , I still remember my visit to Oakland since 5 years ago it’s wonderful place you can go…