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Economics Dept.: Southeast Michigan Home Sales Fall

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December home sales plunged nearly 12 percent from year-earlier levels across southeast Michigan, according to the Farmington Hills real estate information provider Realcomp II Ltd.

However, the company also noted that the homes that did sell are selling more quickly these days — the average number of days a house spent on the market before being sold fell 17 days from year-earlier levels, to 93 — and overall inventory of homes for sale continues to decline, a sign that the foreclosure glut is working its way through the system. Total inventory was at 32,610 units for sale, down from 37,608 a year earlier.

The company also noted that December 2009 sales were at record levels because of federal incentives — and December 2010’s sales were higher than December sales in 2004, 2005, 2006 and 2007.

Overall sales in the region were 4,855 homes and condos, down 11.8 percent from 5,504 in

December 2009. The median sale price on all sales was $70,000, down 2.8 percent from $72,000 in December 2009. The median sale price on foreclosure sales was $43,000, up 17.2 percent from $36,700 in December 2009. The median sale price on non-foreclosure homes was $96,000, down 8.6 percent from $105,000 in December 2009.

By sub-market, the sales figures were as follows:

Detroit: 264 foreclosure sales, down 47.6 percent from 504 a year earlier. 196 non-foreclosure sales, up 48.5 percent from 132 a year earlier. Median price on foreclsoure sales, $9,000, up 26.8 percent form $7,100 a year earlier. Median price on non-foreclosure sales, $13,250, down 22.1 percent from $17,000 a year earlier.

Genesee County: 140 foreclosure sales, up 109 percent from 67 a year ealrier. 219 non-foreclosure sales, down 45.9 percent from 405 a year earlier. Median price on foreclosure sales, $61,250, up 66 percent from $36,900 a year earlier. Median price on non-foreclosure sales, $55,000, down 5.7 percent from $58,300 a year earlier.

Huron County: One foreclosure sale, unchanged from a year earlier. Five non-foreclosure sales, up 400 percent from one a year earlier. Median price on foreclsoure sales, $13,000, down 72.3 percent from $47,000 a year earlier. Median price on non-foreclosure sales, $74,600, down 10.1 percnet fro $83,000 a year earlier.

Lapeer County: 43 foreclsoure sales, down 21.8 percent from 55 a year earlier. 44 non-foreclosure sales, down 18.5 percent from 54 a year earlier. Median price on foreclosure sales, $79,000, up 23.4 percent from $64,000 a year earlier. Median price on non-foreclosure sales, $84,200, down 8.2 percent from $91,750 a year earlier.

Livingston County: 71 foreclosure sales, up 6 percent from 67 a year earlier. 123 non-foreclosure sales, down 8.9 percent from 135 a year earlier. Median price on foreclosure sales, $115,000, down 4.2 percent from $120,000 a year earlier. Median price on non-foreclosure sales, $160,000, up 5.2 percent from $152,050 a year earlier.

Macomb County: 367 foreclosure sales, down 3.9 percent from 382 a year earlier. 432 non-foreclosure sales, down 2.3 percent from 442 a year earlier. Median price on foreclosure sales, $47,000, down 7.4 percnet from $50,775 a year earlier. Median price on non-foreclosure sales, $84,250, down 13.6 percent from $97,500 a year earlier.

Oakland County: 504 foreclosure sales, down 12.2 percent from 574 a year earlier. 816 non-foreclosure sales, down 8.9 percent from 896 a year earlier. Median price on foreclosure sales, $60,000, down 8 percnet from $65,250 a year earlier. Median price on non-foreclosure sales, $140,000, unchanged from a year earlier.

Sanilac County: Seven foreclosure sales, up 40 percent from five a year earlier. Seven non-foreclosure sales, down 30 percent from 10 a year earlier. Median price on foreclosure sales, $47,000, up 16 percent from $40,500 a year earlier. Median price on non-foreclosure sales, $89,900, up 34.2 percent from $67,000 a year earlier.

St. Clair County: 37 foreclosure sales, up 12.1 percent from 33 a year earlier. 53 non-foreclosure sales, down 10.2 percent from 59 a year earlier. Median price on foreclosure sales, $47,000, up 16 percent from $40,500 a year earlier. Median price on non-foreclosure sales, $117,000, down 6.4 percent from $125,000 a year earlier.

Tuscola County: 11 foreclosure sales, down 8.3 percent from 12 a year earlier. 11 non-foreclosure sales, down 38.9 percent from 18 a year earlier. Median price on foreclosure sales $85,000, up 123.8 percent from $37,988 a year earlier. Median price on non-foreclosure sales $85,000, up 69.2 percnet from $50,250 a year earlier.

Wayne County, outside Detroit: 549 foreclosure sales, down 4.5 percent from 575 a year earlier. 649 non-foreclosure sales, down 9.2 percent from 715 a year earlier. Median price on foreclosure sales, $37,000, down 2 percent from $37,755 a year earlier. Median price on non-foreclosure sales, $75,000, down 24.2 percent from $99,000 a year earlier.

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