Detroit Area Home Sales Jump Nearly 15% In February

FARMINGTON HILLS (WWJ) -  Real estate sales were up 14.9 percent in February from a year earlier in the 10-county southeast Michigan region tracked by the Farmington Hills-based real estate information provider Realcomp II Ltd.

In an indication of the real estate market's return, non-foreclosure sales were up faster than foreclosure sales for the month.

Overall sales totaled 4,793 homes in February, up from 4,170 in February 2011.

Foreclosure sales totaled 2,297 in February, up 11.5 percent from 2,061 in February 2011. Non-foreclosure sales rose 18.2 percent to 2,496 from 2,109 a year earlier.

Of the sales, 15 percent were identified as short sales, and 54 percent were cash sales.

The market's median sale price of foreclosure sales was $35,500, up 4.6 percent from $33,950 a year earlier. The median sale price of non-foreclosure sales was $90,000, unchanged from a year earlier.

Realcomp officials said houses are selling faster, spending an average of 91 days on the market before sale, down from 97 days last year. Also inventory on the market declined 18 percent to 26,670 homes, from 32,695 homes a year earlier. Of that inventory, 4,113 homes or 15.4 percent is identified as foreclosures, and 6,011 homes or 22.4 percent are identified as short sales.

By submarket sales were as follows:

City of Detroit: 343 foreclosure sales, up 2.4 percent from 335 a year earlier. 186 non-foreclosure sales, up 3.9 percent from 179 a year earlier. Median sale price on foreclosure sales, $7,951, down 2.4 percent from $8,150 a year earlier. Median sale price on non-foreclosure homes, $12,175, up 16 percent from $10,500 a year earlier.

Genesee County: 239 foreclosure sales, up 21.9 percent from 196 a year earlier. 182 non-foreclosure sales, up 8.3 percent from 168 a year earlier. Median sale price on foreclosure sales, $24,001, down 17.2 percent from $29,000 a year earlier. Median sale price on non-foreclosure sales, $70,500, up 9.4 percent from $64,450 a year earlier.

Huron County: one foreclosure sale, down 50 percent from two a year earlier. Seven non-foreclosure sales, up 133 percent from three a year earlier. Median sale price on foreclosure sales, $13,875, down 63 percent from $37,501 a year earlier. Median sale price on non-foreclosure sales, $74,200, up 3.8 percent from $71,500 a year earlier.

Lapeer County: 39 foreclosure sales, up 8.3 percent from 36 a year earlier. 33 non-foreclosure sales, up 50 percent from 22 a year earlier. Median sale price on foreclosure sales, $57,500, up 13.9 percent from $50,500 a year earlier. Median sale price on non-foreclosure sales, $130,158, up 28.9 percent from $101,000 a year earlier.

Livingston County: 63 foreclosure sales, up 46.5 percent from 43 a year earlier. 100 non-foreclosure sales, up 12.4 percent from 89 a year earlier. Median sale price on foreclosure sales, $86,500, down 16.8 percent from $104,021 a year earlier. Median sale price on non-foreclosure sales, $167,750, up 15.8 percent from $144,900 a year earlier.

Macomb County: 373 foreclosure sales, up 6.6 percent from 350 a year earlier. 450 non-foreclosure sales, up 44.2 percent from 312 a year earlier. Median sale price on foreclosure sales, $41,000, down 5.7 percent from $43,500 a year earlier. Median sale price on non-foreclosure sales, $86,750, up 2.1 percent from $85,000 a year earlier.

Oakland County: 490 foreclosure sales, up 4.5 percent from 469 a year earlier. 717 non-foreclosure sales, up 12 percent from 640 a year earlier. Median sale price on foreclosure sales, $62,000, up 6.9 percent from $58,000 a year earlier. Median sale price on non-foreclosure sales, $122,000, down 6.1 percent from $129,950 a year earlier.

Sanilac County: 13 foreclosure sales, up 116.7 percent from six a year earlier. Six non-foreclosure sales, up 50 percent from four a year earlier. Median sale price on foreclosure sales, $27,500, up 66.7 percent from $16,500 a year earlier. Median sale price on non-foreclosure sales, $107,000, up 207.9 percent from $34,750 a year earlier.

St. Clair County: 54 foreclosure sales, up 107.7 percent from 26 a year earlier. 46 non-foreclosure sales, up 17.9 percent from 39 a year earlier. Median sale price on foreclosure sales, $47,925, up 49.3 percent from $32,100 a year earlier. Median sale price on non-foreclosure sales, $99,950, down 4.7 percent from $104,900 a year earlier.

Tuscola County: Two foreclosure sales, own 66.7 percnet from six a year earlier. Nine non-foreclosure sales, up 28.6 percent from seven a year earlier. Median sale price on foreclosure sales, $38,500, down 3.6 percent from $39,925 a year earlier. Median sale price on non-foreclosure sales, $37,500, down 59.7 percent from $93,000 a year earlier.

Wayne County except Detroit: 566 foreclosure sales, up 9.9 percent from 515 a year earlier. 586 non-foreclosure sales, up 19.1 percent from 492 a year earlier. Median sale price on foreclosure sales, $34,500, up 6.2 percent from $32,500 a year earlier. Median sale price on non-foreclosure sales, $70,000, up 0.8 percent from $69,450 a year earlier.