The City of Lapeer Michigan

By
Real Estate Agent with Coldwell Banker-Shooltz Realty

2185 n summers rd.The City of Lapeer, Lapeer County Michigan, 48446
07/10/2010

New Listings Reported This Week:
   405 S. Elm St. $6,000 / 1 bedroom & 1 bath
   3455 Farnsworth Rd. $82,900 / 4 bedrooms & 2 baths
   520 N. Monroe St. $128,900 / 3 bedrooms & 2 baths
   622 N. Monroe St. $135,000 / 3 bedrooms & 1 bath
   644 Rolling Hills Ln. $149,900 / 3 bedrooms & 2 baths
   2644 Bedford St. $154,900 / 4 bedrooms & 2.5 baths
   334 Golfside Dr. $229,900 / 4 bedrooms & 2.5 baths

4 Reported Solds This Week:
   2853 Berkshire $1,200 (lease) / 1800 sq.ft / 3 bedrooms
   62 Turrill Ave. $31,000 / 1115 sq.ft / 3 bedrooms & 1 bath
   583 Rolling Hills Ln. $94,340 / 1378 sq.ft / 3 bedrooms & 1.5 baths
   60 Old Carriage Ln. $100,000 / 1449 sq.ft / 3 bedrooms & 2 baths

For the week ending 07/04/10, the median single family home price in Lapeer is $132,515.00, market action index is at 15.56, currently a buyer's market. The average property has been on the market for about 231 days. (Days-On-Market Definition; The Days-on-Market number that you see here in your Market Reports is a "cumulative" number. So what does that mean? Sometimes listing agents will pull a listing from the active market and re-list the property in the near future - maybe a couple of weeks or months down the road. This is a common action for an agent to take if a property has been on the market for an extended period of time or if the property will have its price reduced. Frequently, this also resets the days-on-market number back to "0 days" in the local MLS search. By re-listing the property, it can appear to be "new" in the local market because new buyers in the market may not have seen the property previously. But, that doesn't really tell you want the true "days-on-market" value is in that market.
To correct for that, we calculate "Days-on-Market" as a cumulative number, which means if a properties leaves the active market and is relisted again within a 90-day period, we assume that property was never really "off the market" - more like "it was taking a break.")

Median price per square foot for homes is about $84.00, there are 266 properties on the market in Lapeer as of 07/04/10.
references: www.altosresearch.com

average days on market

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Rainmaker
771,815
Barbara Michaluk
Weichert Realtors, 3816 International Dr, Silver Spring, MD - Silver Spring, MD
Top Producing REALTOR Montgomery County, Maryland

Donald, This look like valuable info for anyone looking in Oakland and Lapeer County.  Your info is organized and informative.

Jul 10, 2010 01:30 PM #1
Rainmaker
69,593
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Great information!  What should buyers & sellers take-away from it?

Jul 11, 2010 11:38 AM #2
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Rainmaker
365,903

Donald Horne

Associate Broker, Oxford / Lapeer Homes
Lake Orion to Lapeer, Your Local Realtor! Questions?
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