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Lake Orion MI home sales through October are up from last year- both units and average sales price. The medial sales price is down a bit. The year started out a bit strangely with very low median sales prices in Jan and Feb. Then Lake Orion home prices shot up in March and April, so I dug a little deeper and took a look at the amount of foreclosures and short sales over that period.

Median sales price Jan/Feb 2011 - $91,000
Median sales price Mar/April 2011 - $142,795

Jan/Feb 2011 55% of solds were bank owned with a median SP $62,800
Jan/Feb 2010 39% of solds were bank owned with a median SP $79,700
Mar/April 2011 42% of solds were bank owned with a median SP $75,250

Jan/Feb 2011 there were 23 sales at $100K or less or 52%
Jan/Feb 2010 there were 12 sales at $100K or less or 24%

If you compare the first 2 months of the year to each other, sales are down this year- both units and median sales price. If you compare the next 2 months unit sales are still down but the median sales price is up 23%. When you combine all 4 months the median sales price is still down but we will have a better indicator of where prices are going in a few months.

At this point it appears the prices of bank owned homes are on the decline- or at least a higher percentage of bank owned homes are tending to be on the cheaper side and when there's an increase of bank owned sales the over all median price drops.

A more accurate indicator is to look at individual subs or neighborhoods and compare apples to apples.

When you look at the rest of the year to this point (through October) distressed sales are still prevelant- 38% of the sales so far this year are foreclosures (bank or government owned). 36% of the sales last year were foreclosures sales- not much difference. But the prices of the bank owned homes are much lower. The median sales price of foreclosure sales this year is 14% lower than the median sales price of foreclosure sales last year. When you figure foreclosure sales make up over a third of the total sales in Lake Orion/Orion Twp. that can make a huge difference in the overall prices. To restate in dollar figures- the median sales price for foreclosed homes in 2011 was only $82,900. In 2010 it was $96,250. The median sales price for all residential sales in Lake Orion this year was $140,000.  

Orion Township/Village of Lake Orion

Unit sales for 2010 were virtually the same as in 2009- up 1 unit. The median sales price was up slightly but the total dollars closed was down from 2009.

Bank owned sales were down from 2009: 174 units in 2009; 145 units in 2010. There was an increase in short sale closings: 32 in 2009 and 74 in 2010.

The current inventory is low. 128 active listings on 1/4/2011 or a 4 month inventory. On Jan.18, 2010 there were 188 active listings or a 6 month inventory.

The best way to determine how a specific subdivision or neighborhood is doing is to contact me for a market analysis or for a more general idea of neighborhood prices check out the neighborhood pages linked below.

Individual Neighborhood Sales and Community Information

Sales for the first quarter 

Sales for the second quarter

Sales for the first half

For the first half of 2011 the average sales price was up a bit and the median sales price was down from 2010. Part of this is due to the fact that the first quarter of 2011 both average and median sales prices were down from last year. Prices for the second quarter were up from 2010 and the average prices for July and August were up from last year. Unit sales are down slightly (through August) due to a strong July and August. Let's hope July and August is the beginning of a trend.

So far in 2011 (through August) there have been 150 distressed sales (100 foreclosures and 50 short sales) or 55% of the total sales. Not much different than 2010 when 57%, or 153, distressed sales (99 foreclosures and 54 short sales).

On 9/28/2011 there were only 141 active listings for sale or a 4 month inventory. Normally this low of inventory would deem this a seller's market, but with the amount of distressed sales pulling the prices down, as well as stricter appraisal and lending rules, it really doesn't feel like a seller's market. Properly priced homes do sell quickly, but the prices still reflect a buyer's market.

 Sales for the third quarter

Sales - monthly breakdown

Rolling Meadows, Lake Orion Michigan

The Preserve, Lake Orion Michigan

Lakes of Indianwood, Lake Orion and Oxford Michigan

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Voorheis Lake Lakefront

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Michigan real estate and homes for sale covering Lake Orion Michigan houses, Oxford MI homes, Clarkston Michigan homes for sale, lakefront, luxury homes, relocation, FHA buyers, first time buyers. Homes for sale in Oakland county MI, Macomb county MI, Lapeer county MI.