The Woodward Five Communities of Ferndale, Pleasant Ridge, Huntington Woods, Royal Oak and Berkley are enjoying a continuing rise in home values over last year.
The average sale price in third quarter for homes in the Woodward 5 was $196,050. That is up $17,000 over third quarter last year or a 9% growth. In comparison, the average sale price for second quarter 2014 was $193,631. Third quarter 2014 represents an increase of $2,419 over second quarter or a 1% increase.
Berkley experienced a 2% growth for third quarter 2014 compared to 2013. Third quarter 2014 average sale price was $172,217 compared to 2013’s third quarter of $168,738. But, the average sale price for third quarter 2014 was a drop from second quarter 2014 of $10,434, which had an average sale price of $182,651.
Given the flood that the Woodward 5 Communities experienced over third quarter the numbers are still impressive. Many homes that were for sale were removed from the market, some sales were lost and others placed the sale of their homes on hold. Other homes may have experienced a price drop that would not have been reduced if not for the flood. Additionally, for some, the money they would have used as a down payment on a home to purchase was used to pay for damages from the flooding.
Nationally, the numbers are on the rise. Also, employment numbers are advancing, inflation is staying low and the economy in general is growing. Most predictions are that the growth in the economy will continue.
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
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