• Wixom Market Update – September 2016

  • As Wixom mortgage professionals, Kenneth Turkington and Kirk Chivas have been helping people in Michigan find the right mortgage for more than nine years as part of First Commerce Financial.

    Both have seen the ups and downs of the Wixom housing market and have been there for their clients even in the toughest of times.

    The median sale price for a home in Wixom in August 2016 was $212,000, which was down from $217,000 from July 2016 and $220,000 from August 2015. While the median price fluctuates depending on the month, overall we have seen an upwards trend in the median selling price since October 2011.

    The number of sales in August 2016 was the second-most in a single month in 2016 with 43, trailing only July’s 47 sales. However this was the lowest sales total for the month of August since 2012. August 2015 had 57 sales and was the top-selling month of the year in Wixom while August 2014 also led its year with 51 home sales.

    While this isn’t a huge difference it’s certainly worth noting as we move forward into the fall season.

    The median rent price also took a dip month-over-month and aligned with the June 2016 number of $1,600 per month, $250 less than July 2016. The number of properties that were newly rented in the area reached its highest output of the year with 7.

    According to Trulia, Wixom median home sales have experienced approximately an 11% drop over the past 12 months. Additionally, the average price per square foot jumped an average of $2 up to $126 over this same time period.

    In the first eight months of 2016 in Oakland County there have been a total of 13,741 home sales, a 2% increase from the same period in 2015. Additionally, the average number of days that a home spends on the market in the County was 55 days, one fewer than last year.

    From January through August of this year the average closing price on a home was $257,187 for a 4% jump over what it was during the same months in 2015.

    The most active price range in Oakland County has been the $100,000 to $200,000 range, accumulating 4,574 of total sales followed by the $200,000 to $300,000 range at 3,426 sales. These were the same two ranges that also led the way over the first eight months last year.

    With a combined 39 years of experience in the mortgage industry, Kenneth and Kirk have helped thousands of clients close their mortgage. Priding themselves on offering exceptional customer service, the two make up First Commerce Financial as the go-to place for all of your Wixom mortgage needs.

    If you’re looking to buy or sell a home, interesting in refinancing or looking for a pre-approval, you’ve come to the right place.

    We strive to be the best Wixom mortgage broker and are happy to offer our services to you! For more information and to see exactly how we can help, contact us today!

    Source: https://www.trulia.com/real_estate/Wixom-Michigan/market-trends/

    Source: http://www.realestateone.com/pdfs/monthly/Sep2016.pdf