2ND QUARTER OF 2016 SALES REPORT
Average Sales price as of 7/8/16-$106,294.00
Prices continue to rise, but at a very slow pace. Buyer demand has seemed to slow down a bit over the past month. Summer vacations are on everyone's mind right now and I expect things to heat up again by the end of Summer. Interest rates remain low. Inventory is also on the low side with only 70 houses on the market. Average asking price is $125,728 and average days on the market is 73 days for these houses, indicating asking price is probably too high. 194 homes have sold so far this year, putting us on pace to close over 400 homes in 2016. 90 homes are pending sale (sold but waiting to close). Average asking price for these properties is $116,934.00.
On the bright side, I see all kinds of road repairs being done while riding my bike, walking or jogging around our beautiful City. Garfield has been completely rebuilt betwen Allen and Rosedale. Niver is also in the middle of a major rebuild. Shenandoah is next. There are also dozens of small spot repairs being made all over town. We all can use a little patience during these important improvement projects.
I understand that the Park Colony Club is celebrating their 50th Anniversary this year. With the heat we have had this Summer, doesn't a nice dip in their pool sound nice?
Let's all keep working to improve our City. Keep your own 40' of Allen Park neat and tidy. Do those small or large home improvement projects. Volunteer to do something! Please give me a call if you are curious what your home is worth. It would be my pleasure to come out and give you an estimate.
1ST QUARTER OF 2016 SALES REPORT
Average Sales price as of 4/8/2016-$104,064.00
The first quarter of 2016 has been a strange one indeed. Inventory is very low. As of 4/8/16 there were only 50 homes for sale in Allen Park. This is close to the lowest number of homes for sale that I have seen in over 30 years in the business. There were 82 pending sales, which should close in the next month or so. So, low inventory and high buyer demand. Logic would tell us that prices should be going up. Crazy thing is that the average sales price actually slipped down a bit to $104,064.00. What is happening with our sales prices? Allen Park has been slow to recover from the recession and this concerns me.
I am looking forward to the City starting to spend the money we approved last Fall for the Road Repair. Our extremely poor roads could be a factor in why we are moving up the sales price so slowly. The Studio Real Estate fiasco didn't help, nor did the Emergency Financial Manager. The past two issues have been worked out. We took our medicine and have moved on. There is still a long way to go towards our recovery. We have to keep working hard on keeping our City looking good. I loved the group, "The Allen Parkers", that worked so hard last year to plant flowers and take care of the entrances to our City. I applaud all of you that take the time to manicure your yards. Spring is here, so let's get that fertilizer on the lawn, edge and mow those blades of grass and pick up all the trash in your neighborhood. It is little things like that that make our City Shine!
ALLEN PARK SALES REPORT
Average sales price for 2015-$105,309.00
445 homes sold!
2015 was the third best sales year for number of homes sold in Allen Park since I started tracking sales in 1986(My first year in this business). Only two years better than this year was 2013(470 sales) and 2014(450 sales). Average sales price has been climbing at a rate of approximately $1,000.00 a month for the past three years! Even better news is that less than 14% of the market is foreclosure sales. To give you some perspective on what that figure means, I looked back at sales results from 2009, when we were in the darkest period of the real estate recession. In 2009, we had 358 homes sell(87 fewer sales than 2015) and 171 of those were foreclosures(107 more than 2015). That was close to 48% of all sales. So we are seeing more equity pile up on our homes and far fewer foreclosures. We are still a long way away from our peak average sales price of $150,392.00 set in 2005. I have always urged my clients to pay off their mortgages and never refinance to pay off credit card or car loan debt.
Feel free to call me if you are curious what your home would sell for in todays market. It would be my pleasure to stop by for a visit and give you an estimate of your current value...free of charge.
Sales statistics courtesy of-REALCOMP MLS