As a local lake realtor I wanted to share what I am seeing in Oakland County Lake real estate in February 2014. We have not had many days in January or February that have gone over thirty degrees. It has driven both lake buyers and lake home sellers of Oakland County inside. Many are waiting for the spring weather or any warmer weather. Many sellers do not want to list their home right now. I have a list of at least 10 lake real estate and homes that are ready to put on the market, but the sellers are waiting for the snow to melt. It is such an unusual year. Normally we have warm spells where the snow completely melts. Not this year. We have had snow on the ground since the holidays.
Oakland County home values have gone up 16.9% over the past year and Zillow predicts they will rise 4.8% within the next year. The median list price per square foot in Oakland County is $119. Last month 914 Oakland County Michigan homes sold and 192 of them were foreclosures. Oakland County real estate and homes are still very hot though we have seen a slow down in the market due to this crazy cold and snow. It is even more pronounced in lake real estate.
Many Oakland County lake homes that have been on the market since last summer have not sold and are still sitting. Is it because the homes are over priced for their condition or is there just so few lake buyers out there. Many lake homes are pulled off the market in the late fall and then put back on in the spring.
Livingston County, Washtenaw County, Genessee County, and Wayne County lake homes are the same way. Homes in those counties have gone up in value very similar to Oakland County. Winter home sales in most of the counties are slower because of the weather. It was a great year last year, but many experts are predictiong a slow down in the real estate market.. We have seen it slow down a little already this winter. Is it because of the snow and cold? Or are there less buyers? There are not many Oakland County lake homes and properties for sale right now. So an excess of Oakland County lake real estate is not the reason for the market changing a little.
I have lake buyers that are looking for that special lake home. There are still many lake home buyers out there. They just cannot find a lake home and are willing to wait until the right one comes along. So hopefully after the snow melts and some of these lake properties are dug out they will come on the market. So be prepared, you will competition when looking at Oakland County Lake real estate. Call me Russ Ravary your lake real estate specialist. My cell is (313) 310-9855