Royal Oak Housing Prices on the Rise

Housing prices are on the rise in Royal Oak, with many properties getting multiple offers and selling above asking price, according to a local realtor.

The market in Royal Oak is in line with a national trend of rising prices seen esspecially in Metro Detroit.

According to a report released at the end of February by the S&P/Case-Shiller Home Price Indices, Metro Detroit posted its biggest year-over-year increase in prices from 2011 to 2012. Area home prices went up 13.6 percent compared to the national average of 7.3 percent.

However, Detroit is still one of few metro areas where the average home prices remain below January 2000 levels, according to the new data.

Supply and demand

"The Royal Oak sales market is very strong, as is most of Oakland County. It has been a seller's market for quite a few months and most of my fellow realtors tell me that they have more buyers than sellers," said Mike Ripinski, a real estate agent with Century 21 Town & Country in Royal Oak.

Inventory is low, according to Ripinski, and with mortgage interest rates at or near historic lows, many buyers are being lured into the market.

"If a house is priced right and is in a good area we are seeing multiple offers. It is not unusual for a home to sell above list price. It may be a good time to sell if a home owner has been sitting on the sidelines," he said.

In January, Royal Oak saw the average sale price go up 26.9 percent to $150,700, according to Realcomp.com statistics. Unit sales were up 12.7 percent.

Resources

For buyers: Find a Royal Oak agent in the Patch directory.

For sellers: We're looking to regularly showcase area homes for sale; if you're an agent or seller, email your listings to judy.davids@patch.com and we'll showcase the homes on Patch.

For readers: Have a home-buying or home-selling story to share? Tell us in the comments.