Average sale price in the Woodward 5 Communities in 2014

The average sale price of existing homes in the Woodward 5 Communities grew by an average of 11 % in 2014 over 2013.  The Woodward 5 Communities are Berkley, Ferndale, Huntington Woods, Pleasant Ridge and Royal Oak.

Ferndale posted the highest gains with 19% growth over 2013.  Huntington Woods had the slowest growth coming in at 7%.

The average size of the homes sold over the year fell by an average of about 4% in 2014 compared to 2013.  Pleasant Ridge ran opposed to the trend with an average growth in the size of homes up about 4%.  Ferndale posted the largest difference over 2013 with a drop in the average size of the home sold of 12%.  

While the growth is more modest in relation to what we have seen over the last three or four years, this growth is much healthier.  In some quarters over the last few years, the growth has been as high as 30-40%. In those high growth quarters, buyers had sensed that the market had bottomed out and housing prices were not going to fall anymore.  Influenced by an improved economy, buyers rushed to the market to get the house they wanted.  This pushed prices higher because of multiple offers for many homes.

Now, if the market could be called anything, it is more normal.  Housing prices can sustain a growth of 8-11% annually.  It will stay ahead of inflation but will not create irrational bubbles.  

The following are the details for the Woodward 5 Communities from 2013 to 2014:

Berkley

Average Sale Price

2013 $158,496

2014 $171,277

Difference Sale Price + $13,000

Percent Difference + 8%

Average Square Foot

2013 1,222

2014 1,121

Average Price/Foot

2013 $129

2014 $141

Ferndale

Average Sale Price

2013 $100,972

2014 $119,855

Difference Sale Price + $18,883

Percent Difference + 19%

Average Square Foot

2013 1,157

2014 1,139

Average Price/Foot

2013 $87

2014 $105

Huntington Woods

Average Sale Price

2013 $305,636

2014 $329,805

Difference Sale Price + $24,169

Percent Difference + 7%

Average Square Foot

2013 1,930

2014 1,891

Average Price/Foot

2013 $158

2014 $174

Pleasant Ridge

Average Sale Price

2013 $234,057

2014 $271,601

Difference Sale Price + $37,544

Percent Difference + 15%

Average Square Foot

2013 1,600

2014 1,664

Average Price/Foot

2013 $146

2014 $163

Royal Oak

Average Sale Price

2013 $187,520

2014 $207,103

Difference Sale Price + $19,583

Percent Difference + 10%

Average Square Foot

2013 1,354

2014 1,353

Average Price/Foot

2013 $138

2014 $153

Of course, there are things you should keep in mind.  This is only the raw average of all homes sold in the communities.  In some cases a few higher priced homes sold in one community can have an impact on the average sale price.  The price of any one home might be different depending on age, general condition of the home and market trends.

Price and other data were collected from RealComp Multi Listing Service.

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, Huntington Woods, Pleasant Ridge and Royal Oak.  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.