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Oakland County Year End Real Estate Market Update

Oakland County Michigan Real Estate Market

We will begin rolling out city by city year end market updates beginning Monday February 3rd – Exclusively on Social Media. Make sure you’re following us on Facebook and/or Instagram!

In general, the 2019 real estate market ended on a positive note for Southeast Michigan. Closed sales were even with last year and the average sale price has been up 4%. Inventory levels which had been falling, were actually up in 2019. In the spring they were up by 20%! But as we move into 2020, it is currently expected inventory may start to drop. A drop in year over year inventory levels could limit buyer options and overall sales.

Oakland County closed the year with inventories down 13% from the same time last year, which isn’t entirely unusual for December, but a possible indicator of things to come. The number of sales closed was down 1%, however the value of the homes sold was up 2%.

Foreclosures are also still trending downward. Of all the sales in Oakland County for 2019, only 271 were bank owned, down about 30% from 2018 and down 95% from 2008.

We expect more of the same in 2020, with buyers seeking move in ready homes that don’t need much work, vs fixer uppers and homes that lack updates. These homes will need to compensate in price, for what they lack in updates, to convince buyers to take on the work themselves.

Here is this years “schedule of events” for the Social Media releases, comment below if your city isn’t featured and you’d like to see it ,we’ll get it added in! ⁠
⁠
Monday February 3rd – West Bloomfield & Farmington Hills⁠
Tuesday February 4th – Commerce Township & Novi⁠
Wednesday February 5th – Bloomfield Hills & Birmingham⁠
Thursday February 6th – Beverly Hills & Bingham Farms⁠
Friday February 7th – Berkley & Oak Park⁠
Monday February 10th – Royal Oak & Huntington Woods⁠
Tuesday February 11th – Franklin & Farmington ⁠
Wednesday February 12th – Ferndale & Southfield⁠
Thursday February 13th – Orchard Lake & Sylvan Lake⁠
Friday February 14th – Keego Harbor & Waterford⁠
Monday February 17th – Walled Lake & Wolverine Lake⁠
Tuesday February 18th – Wixom & White Lake⁠

Posted in: For Buyers, For Sellers, Housing Market Updates, Local Market Updates, Pricing

© Margo Borkin Real Estate 2010

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Margo Borkin Real Estate
3 weeks ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
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Margo Borkin Real Estate
1 month ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

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Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
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Margo Borkin Real Estate
2 months ago
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Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
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Share on Facebook Share on Twitter Share on Linked In Share by Email
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  • Likes: 0
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  • Comments: 0

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