As Novi mortgage experts with over 42 years combined experienced in the industry, Ken Turkington and Kirk Chivas are constantly monitoring the local mortgage and real estate markets to stay informed about any trends that could potentially affect their clients and industry partners.
The number of Oakland County home sales has been down as of February 2017. During the first couple of months this year, there were only 1,922 homes sold. Compared to the 2,103 homes sold in the first couple of months last year, this is a drop of over 8.5%.
Sales prices have continued to rise throughout Oakland County, which could be one of the causes for the decreased demand for homes in the area. The year to date average sales price in February 2017 was recorded at $268,126. In February of 2016, the year to date average sales price was recorded 5.28% lower at $254,677.
In Novi and Wixom specifically, home prices have stayed relatively on trend with the rest of the county. In Wixom, the median price of homes listed for sale on a reputable real estate website in February was $254,677, which is exactly the average throughout the county last February. The same website listed the price as close to the same last February as well. In Novi, the median price of homes listed for sale in February was $398,000, which is slightly higher than what was recorded for the same month a year before.
The median price per square foot of homes has also been affected, rising from $120 to $135 year over year in Wixom and from $150 to $160 year over year in Novi.
Whether you are interested in purchasing a house or in refinancing your existing Novi mortgage, it is important for you to be aware of the market around you and to contact a knowledgeable Novi mortgage expert.
At First Commerce Financial, Ken and Kirk are happy to answer any mortgage-related questions you may have and they look forward to working with you on financing the purchase of your dream home! Give them a call today to get started!