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Economics Dept.: Real Estate Sales Down, Prices Up A Bit

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Real estate sales declined slightly but median sale prices rose slightly in the latest metro Detroit real estate sales figures, for the month of January, released this week by the Farmington Hills real estate information firm Realcomp II.

In the entire area, the number of non-foreclosure sales was 2,168 in January, down 2.7 percent from 2.228 in January 2010.

However, the median sale price on non-foreclosure sales edged up 2.2 percent to $95,000 from $93,000.

Foreclosure sales rose slightly, 2.9 percnet, to 1,854 in the region, from 1,802 a year earlier. The median sale price on foreclosure sales was $41,000, up 13.8 percent from $36,025 a year earlier.

Inventory on the market continued its cecline to 35,155 units, down from 39,051 a year earlier. Of those properties, 7,755 were identified as short sales. Average days on market before sale also declined, by 12 days to 96.

By individual market, the numbers were as follows:

City of Detroit, 208 foreclosure sales, down 41.4 percent from 355 a year earlier; 177 non-foreclosure sales, up 50 percent from 118 a year earlier; median sale price on foreclosure sales, $9,500, up 35.7 percnet from $7,000 a year earlier; median sale price on non-foreclosure sales, $12,000, down 30.4 percent from $17,250 a year earlier.

Genesee County: 165 foreclsoure sales, up 217.3 percent from 52 a year earlier; 172 non-foreclosure sales, down 53.6 percent from 371 a year earlier; median sale price on foreclosure sales, $48,500, up 38.6 percent from $35,000 a year earlier; median sale price on non-foreclosure sales, $59,950, up 19.9 percent from $50,000 a year earlier.

Huron County: zero foreclosure sales, unchanged from a year earlier; two non-foreclosure sales, up from zero a year earlier; median sale price on non-foreclosure sales, $177,500.

Lapeer County: 33 foreclosure sales, unchanged from a year earlier; 28 non-foreclosure sales, down 22.2 percent from 36 a year earlier; median sale price on foreclosure sales, $56,500, down 5.8 percent from $60,000 a year earlier; median sale price on non-foreclosure sales, $106,950, up 11.7 percent from $95,750 a year earlier.

Livingston County: 50 foreclosure sales, down 26.5 percent from 68 a year earlier; 98 non-foreclosure sales, up 21 percent from 81 a year earliler; median sale price on foreclosure sales, $112,100, down 2.1 percnet from $114,500 a year earlier; median sale price on non-foreclosure sales, $150,000, up 3.4 percent from $145,000 a year earlier.

Macomb County: 312 foreclosure sales, up 17.7 percent from 265 a year earlier; 320 non-foreclosure sales, down 5.3 percent from 338 a year earlier; median sale price on foreclosure sales, $44,950, down 0.1 percent from $44,000 a year earlier; median sale price on non-foreclosure sales, $93,000, down 5.1 percent from $98,000 a year earlier.

Oakland County: 482 foreclosure sales, up 0.8 percent from 478 a year earlier; 635 non-foreclosure sales, up 6.5 percent from 596 a year earlier; median sale price on foreclosure sales, $54,000, down 13.3 percent from $62,250 a year earlier; median sale price on non-foreclosure sales, $140,000, up 0.7 percent from $139,000 a year earlier.

Sanilac County: Four foreclosure sales, down 42.9 percent from seven a year ealrire; five non-foreclosure sales, up 150 percent from two a year earlier; median sale price on foreclosure ales, $16,250, down 42.8 percent from $28,400 a year earlier; median sale price on non-foreclosure sales, $100,000, up 160.1 percen from $38,450 a year earlier.

St. Clair County: 21 foreclosure sales, down 41.7 percent from 36 a year earlier; 46 non-foreclosure sales, up 2.2 percent from 45 a year earlier; median sale price on foreclosure sales, $52,000, up 59.8 percent from $32,550 a year earlier; median sale price on non-foreclosure sales, $104,950, down 15.4 percent from $124,000 a year earlier.

Tuscola County: Eight foreclosure sales, up 33.3 percent from six a year earlier; 10 non-foreclosure sales, down 16.7 percent from 12 a year earlier; median sale price on foreclosure sales, $24,950, up 3.4 percent from $24,125 a year earlier; median sale price on non-foreclosure sales, $81,500, up 23 percent from $66,250 a year earlier.

Wayne County, excluding Detroit: 484 foreclosure sales, up 14.4 percent from 423 a year earlier; 526 non-foreclosure sales, up 14.1 percent from 461 a year earlier; median sale price on foreclosure sales, $37,000, up 4.8 percnet from $35,300 a year earlier; median sale price on non-foreclosure sales, $75,000, down 6.3 percent from $80,000 a year earlier.

More at www.realcomp.com.

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