Troy Residential Property Report

Atex Appraisal Inc. is a new independent appraisal company. The firm specializes in Southeastern Michigan residential properties. Targeted clients include a wide array of financial institutions, employee and relocation companies, law and consulting firms and real estate brokers. The company performs assignments that include mortgage origination, divorce trust and estate matters, foreclosure, bankruptcy, court testimony and valuation for sales or purchase.

For questions concerning the report or for appraisal problems, please contact the author Ion Caza, president and founder of Atex Appraisal Company Inc at contact@atexappraisal.comor 1-248-250-4053.

The Troy Residential Properties report is the first report in the row of reports dedicated to cities in the three county area (Oakland, Macomb, Wayne) from Southeast Michigan. All data used in this report are from Realcomp MLS.

The report considers the closed sales monthly, starting with January 2004 and ending with October 2005. The main indicator used to show the market trend was the price per square foot.

2004 Chart

 

2005 Chart

Average sale price per Sq. Ft. in 2004 $137.77
Average sale price per Sq. Ft. in 2005 $141.93

Considering the above data, a 2.2% increase in houses value was observed in 2005 compared to 2004

Day On Market Chart (DOM)

Average DOM in 2004 58.5 days
Average DOM in 2005 57.8 days

Both values are slightly equal with a minimum value in June/July when the numbers of sale has a maximum.

Number of Sales Chart

Average number of monthly sales in 2004 – 65
Average number of monthly sales in 2005 – 56.7

Number of sales in 2005 compared to 2004 has decreased. This fact is partially due to the increase of mortgage interest rates.

As one can see from the above data residential property market is active in Troy Michigan. Currently the market supply as of 11/28/2005 is 530 properties for sale. Best listing time is May, so after a right exposure of 45 days property should sell in June/July.

Ideal house in the Troy Market Area is according to statistical data and author’s perception a ranch or colonial having: 2087 Sq. Ft, 4 bedrooms, 2.5 bathrooms, 2 car attached garage and basement. Price per Sq. Ft for this house should be $142 meaning a total value of $296,354. After a right exposure this house should sell in approximately 58 days.

Data presented in this report are average data. The intention of this report is to give a general overview for the residential real estate market in Troy, Michigan. For information on specific properties please contact the author: contact@atexappraisal.com or 1-248-250-4053.