As I get around town and read various reports, I hear and see a wide range of "opinion " and speculation on the current real estate market. Based on my experience as a Realtor with Century 21 Town & Country with access to the latest statistical reports from Realcomp ( the local MLS source) I can provide an accurate update.
* Unit sales for all of Royal Oak are up 19.5% year to date (ytd) through September..... By zip code: 48067 is plus 30% and 48073 is plus 10%.
* September Dollar Sales volume is up 68% for all of Royal Oak
* Average home sale prices for September increased from $158,895 in 2012 to $181,126 in 2013 or plus 14%..... By Zip code: 48067 in 2012 = $168,523, in 2013 = $196,347. The Average for 48073 in 2012 = $151,407, in 2013 = $166,739
These numbers reflect the overall strength of the market and an improving economy. Our experience as realtors is that there remains a demand for housing and a shortage of inventory. The numbers are also affected by the new construction and major renovations in many of our neighborhoods. Also included are condo sales in and near the downtown area.
So what is your home worth if you were to sell it today? Probably more than you think. Of course there are many factors that will have an effect on the price including proximity to downtown Royal Oak or to local schools and parks as well as size, condition and amenities.
And in case you are interested in some of our adjacent communities, Clawson average sale for September was plus 34% and Berkley was plus 21%.
If anyone is interested in a free home value analysis I can be reached at mike@teamripinski.com or contact any local realtor. There are many qualified agents in our town.
