A Year in Review: 2019 & Keatington
We did well! We held our own here in Keatington and even in a changing market, had appreciation. Roger and I still think our sub is under-valued and we continue our commitment to do all we can to change that.
Number of Sales - We were pretty consistent year over year. In 2018, there were a total of 37 homes sold and 33 in 2019. Keep in mind this doesn't include off-market sales, which happen here sometimes. We have a list of people that want to live in our sub and often they are waiting for a particular kind of home. They might be waiting for a ranch, 5-bedrooms, or waterfront. Then like my own home, they sell off-market and may not be included in all the statistics.
The “dark days” are but a distant memory - Over the last decade, we've seen fewer and fewer homes sell in the 0-$199k category, which is good news for all of us! If you were here between 2009-2012, you will remember how many of our homes in our neighborhood sold for under $200k. That was during the "bubble," which Roger and I refer to as "the dark days," it was terrible. Very rarely do we see a home in Keatington under $200k anymore.
Why are our sale prices are so varied - In viewing the price-bands to the right, this year as well as preceding years, the majority of the homes sold in Keatington are between $200-$300k. That is a pretty big span. Most subs are similar in size and year built, but Keatington is unusual. We have different sizes, styles, ages of homes, with and without basements, wooded, and waterfront. (Which is why we all love Keatington!) Therefore, our price points range tremendously from $200k to over $1M, but the bulk of our homes sold are always between $200-$300k. And this leads us to the median sale price discussion.
What is the "Median Sale Price?” - The median sale price means half the homes that sold in the sub were above the median sale price, and half the homes that sold were below. In 2018, the median sale price was $278,000; in 2019, the median was $275,000. Lower, right? Should we worry? No, it’s just where the median fell based on the homes sold in that year.
The shift - Even though our eight-year run of a seller's market is shifting nationally to favoring a buyer, we haven’t been affected much by the market shift yet. It is a fact that prices vary significantly in our sub. Still, in our experience, that is due to the overall condition of the home and its updates, not the market.
2020 looks solid - Aside from the current political and economic uncertainty, the real estate market in 2020 looks great!
Is it wise to make improvements - We’re asked this question a lot. We own homes both on and off the water here in Keatington and we invested quite a bit in upgrading both this year. (If you want advice on the best return on improvements, call me first! As an accredited stager, I can offer advice to help you make the best choices and not waste your money. (And, no, we won’t harass you. You know where to find us if you want to move!)
Appraisals remain a challenge - We negotiate pretty hard, so getting our seller’s homes to appraise for the amount we negotiated on their behalf can be a challenge. We argued and successfully won two difficult appraisals this year, leading to some of the highest sale prices off the water. This helps all of our values.
Love where you live - Not having kids at home, we could literally live in any community. But like you, we believe that Keatington is one of the best neighborhoods in all of Oakland County. So carry on with your Pinteresty selves my friends, paint and update with confidence! Keatington is holding its value beautifully!
See you on the water!
Gwen and Roger