The average sale price of existing homes increased in the fourth quarter of 2004 in local markets according to a report from the North Oakland County Board of Realtors.
Brandon Township home sales prices outpaced Groveland, Goodrich and Atlas Township sales during the fourth quarter. The number of homes listed on the market in Brandon Township, Goodrich and Atlas Township has remained nearly constant in both fourth quarters according to the report.
‘There’s a lot of homes on the market right now,? said Mike Allingham, Century 21 Hills & Lakes 875 M-15 Ortonville. The spring market moves a little faster, that’s from March through June it’s our peak time. The market slows in July for vacations.?
‘Regardless of the homes on the market, the job market in Michigan is lousy. It needs to come back before there’s a boom in the real estate market. People are not going to rush out and buy something they don’t have to or can’t really afford. We’re not going to see a big boom market anytime soon.?
‘In my 39 years as a real estate broker vacant land values have increased dramatically’there’s a shortage of that in our market.?
The demand for vacant land is reflected in the market for new homes says Dennis Sights, President of Oxford Bank Mortgage Services 64 S. Washington, Oxford, with offices in both Goodrich and Ortonville in addition to Clarkston, Dryden, Lake Orion and Oxford.
‘The current market belongs to the buyers. There’s so much new construction on the market that people want new homes rather than existing ones,? said Sights.
‘There are many new subdivisions cropping up. The greatest percentage of mortgages we are doing are new homes. In the southern part of Oakland County existing housing is moving better due to the lack of new subdivisions.?
Sights added that a glut of existing homes is supported by about 50 or 60 new subdivisions in the area where new homes are available.
‘Eventually they’ll run out of space in those subdivisions, but until then you can get a real bargain on an existing home. The long-term interest rates are still near records at 5.5 to 6 percent, added Sights.