Update on Oakland County Home Sales
The Oakland Press ran an article (link above) reporting that the home prices in Oakland County dropped 9% from a year ago.
Our view: yes and no.
What they actually say is that "median price of homes sold in November fell from $184,000 a year ago to $167,500. The median price means half the homes sold for more and half for less"
There is no question that values have fallen. But it is also important to realize that even though luxury home prices have fallen more than first time or move-up home prices, often luxury home sellers can wait longer to sell. So you also need to look at inventory and absoption rates for any specific sub-set of the market before you can make accurate estimates of value changes for specific homes.
But, it is still an interesting article.
Our view: yes and no.
What they actually say is that "median price of homes sold in November fell from $184,000 a year ago to $167,500. The median price means half the homes sold for more and half for less"
There is no question that values have fallen. But it is also important to realize that even though luxury home prices have fallen more than first time or move-up home prices, often luxury home sellers can wait longer to sell. So you also need to look at inventory and absoption rates for any specific sub-set of the market before you can make accurate estimates of value changes for specific homes.
But, it is still an interesting article.
Labels: Milford Michigan Oakland County Real Estate buyer agent view
posted by Jon Boyd at
1:52 PM
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