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Township home prices up in 2012

January 09, 2013 - Atlas Twp.-According to a report issued by Realcomp, a realtor-owned multiple listing service that supplies first-rate data services, support and instruction to the real estate industry, home prices jumped in both Atlas Township and Goodrich during 2012 compared to 2011.

The number of homes sold also increased during 2012 compared to 2011.

"Prices of homes in Atlas Township, which includes the Village of Goodrich, rose by 12 percent in 2012. The average price is $168,483 compared to $138,397 in 2011," said Jeff Dawley, owner of Atlas Real Estate, 8491 S. State Road, Goodrich.

"The number of homes sold increased by 21 percent. This is very good news for our real estate market. The trend is up right now except inventory of homes for sale is down by about 20 percent."

"The number of distressed properties is less of the homes on the market," he said. "Bank owned and short sales are down. Today distressed properties comprise about 30 percent of the market compared to when the market fell to the bottom and distressed homes were about 60 percent of homes for sale. That's pretty normal in the real estate marketplace. The majority of the sales are typical homeowners, not banks."

The average days on the market for homes to sell dropped in the township from 117 days in 2011 to 100 days in 2012.

"Homes are just selling faster right now," added Dawley. "As a result we lack inventory at all prices. It's not uncommon that we receive multiple offers for homes now, too."

The average interest rate for a 30-year fixed mortgage is about 3.5 percent, he said.

"The key issue buyers are realizing right now is getting financing," he said. "It's way more difficult than five years ago, but there needs to be some balance, some middle ground. It will never be like it was. I think buyers are feeling better about their jobs. Interest rates are fairly flat, I would be surprised if it would go up anytime soon."

Sales of vacant land in Atlas Township increased by 60 percent in 2012, according to Real Comp.

"The vacant land market seems to be getting stronger," said Dawley. "The prices are still very low compared to 10 years ago for vacant land as compared to other markets. The sales are for both acreage and subdivisions. The average sales price for vacant property in the township in 2012 was $26,170.

In Genesee and Oakland counties, both home sales and median sale price increased through November 2012 compared to the same period in 2011. According to the Realcomp report, home prices jumped in Genesee County from an average of $51,480 in November 2011 to $70,000 in 2012. In Oakland County home prices increased from $108,000 in 2011 to $132,000 in November 2012.

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