Clarkston Real Estate Market 2009 vs. 2005

Prices across the state of Michigan continue to decline with a glimpse of hope that can be found in some of the statistics I will share with you today.  The Pearson Group sold more homes in 2009 than any year prior.  Also, the number of homes sold in Clarkston in 2009 were almost identical to the amount of homes that were sold in 2005.  Although there were 446 listings sold in 2009 and 443 sold in 2005, the sales volumes in those years fell from an estimated 135 Million in 2005 to a mere 79 Million this past year. (est, 40% drop in sold volume) 

The average sales price in 2005 was $305,209,   2006 - $303,168,   2007 - $273,832,   2008 - $222,583,   2009 -$177,829 We sold this Deerwood Home home in October of 2009.

  Sold Price:  $185,000
  Closed:  October 1, 2009
  Days on the Market:  13
 
  Sold Price: $275,000 
  Closed:  June 1, 2006
  Days on the Market:  80

 

 33%Decline in Value

Although values have fallen, there may be a window of opportunity for those sellers interested in selling their home in 2010.  We recommend that anybody thinking of selling in 2010 should consider listing their home now while the inventory is low in comparison to most recent months. 

The most important reason to list your home now rather than waiting for the "spring market" is the chance to  market your home to those buyers looking to take advantage of the Tax Credits that are being offered to First Time Buyers ($8,000), and most recently included in the tax incentive, Repeat Buyers ($6,500).  The buyer must have a fully executed offer to purchase by the end of April.

Supply and Demand will continue to impact market value.  We study the statistics and Absorption Rate Reports for each of the communities that we service.   These reports illustrate to us which price brackets are balanced and which price ranges are a buyer's or seller's market.  A balanced market is present when there is 6 months of inventory, Buyer's market when the inventory exceeds 6 months, and it is a Seller's Market when inventories drop to less than a 6 month supply.

Clarkston - Absorption Rates show currently a Seller's Market until you exceed the list price of $300,000 in Clarkston

Waterford - Seller's market up to $125,000. There is an 8 month supply of homes between $125,000 - $175,000 and over that it exceeds 1 year of inventory.

Lake Orion - Fairly balanced with a couple skewed price brackets; 1 year supply between $175,000 - $200,000 and 2 years of inventory over $300,000.

Every community and every price bracket varies. In addition to analyzing the Absorption Rate, it is most important to study the active inventory to assure that the list price is as competitive as it can be so that the buyer identifies it a Great Value for the money.

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Clarkston, Michigan and Jensen Beach, Florida

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