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Metro Detroit Real Estate Prices Jump, Sales Flat

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FARMINGTON HILLS (WWJ) – Real estate prices continue their dramatic increase in metro Detroit in August, even as sales begin to slow down, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.

The median sale price across the 10-county Detroit area was $130,000, up 45.3 percent from $89,500 in August 2012.

But sales slumped 1.2 percent to 6,957 homes and condominiums, down from 7,041 sales in August 2012.

Sharp price increases and sharp sales declines appeared linked, indicating a shortage of inventory.  Sales were down 28 percent in Detroit (in this survey that also includes Hamtramck, Harper Woods and Highland Park), but prices were up 24 percent. In Dearborn and Dearborn Heights, sales slumped 24 percent, while prices jumped 51 percent.

But both Oakland and Wayne County outside of Detroit bucked the sales trend, with strong increases in the number of homes sold.

The number of homes on the market is down sharply from a year ago, to 22,007, down 17 percent from 26,404 a year earlier. Only 13 percent of that inventory is identified as foreclosures.

Also indicating market recovery, only 6 percent of sales in August were classified as short sales. And the number of days a home stays on the market before it sells is also down, to 56 days, from 77 a year ago.

By county and other submarkets, sales were as follows:

Detroit: 215 foreclosure sales, down 40 percent from 357 a year earlier; 193 non-foreclosure sales, down 9 percent from 213 a year earlier. Median sale price on foreclosure sales, $8,857, up 8 percent from $8.225 a year earlier. Median sale price on non-foreclosure sales, $20,250, up 19 percent from $16.999 a year earlier.

Dearborn/Dearborn Heights: 27 foreclosure sales, down 70 percent from 91 a year earlier; 148 non-foreclosure sales, up 7 percent from 138 a year earlier. Median sale price on foreclosure sales, $48,266, up 12 percent from $43,100 a year earlier. Median sale price on non-foreclosure sales, $85,000, up 35 percent from $63,000 a year earlier.

Genesee County: 156 foreclosure sales, down 32 percent from 229 a year earlier. 358 non-foreclosure sales, up 21 percent from 296 a year earlier. Median sale price on foreclosure sales, $26,500, up 6 percent from $25,000 a year earlier. Median sale prices on non-foreclosure sales, $100,000, up 11 percent from $90,000 a year earlier.

Grosse Pointe Area (includes Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse
Pointe Shores, Grosse Pointe Woods and Lake Township): Six foreclosure sales, up 50 percent from four a year earlier. 82 non-foreclosure sales, up 7 percent from 77 a year earlier. Median sale price on foreclosure sales, $89,500, down 14 percent from $104,549 a year earlier. Median sale price on non-foreclosure sales, $220,000, up 10 percent from $200,000 a year earlier.

Huron County: Two foreclosure sales, down 50 percent from four a year earlier. 10 non-foreclosure sales, down 33 percent from 15 a year earlier. Median sale price on foreclosure sales, $29,500, down 22 percent from $38,000 a year earlier. Median sale price on non-foreclosure sales, $109,000, up 15 percent from $95,000 a year earlier.

Lapeer County: 38 foreclosure sales, down 31 percent from 55 a year earlier. 78 non-foreclosure sales, up 35 percent from 58 a year earlier. Median sale price on foreclosure sales, $72,950, up 22 percent from $60,000 a year earlier. Median sale price on non-foreclosure sales, $135,500, up 11 percent from $122,250 a year earlier.

Livingston County: 41 foreclosure sales, down 47 percent from 78 a year earlier. 270 non-foreclosure sales, up 16 percent from 233 a year earlier. Median sale price on foreclosure sales, $130,000, up 29 percent from $100,950 a year earlier. Median sale price on non-foreclosure sales, $197,000, up 9 percent from $181,000 a year earlier.

Macomb County: 227 foreclosure sales, down 45 percent from 415 a year earlier. 938 non-foreclosure sales, up 29 percent from 729 a year earlier. Median sale price on foreclosure sales, $64,038, up 46 percent from $44,000 a year earlier. Median sale price on non-foreclosure sales, $126,750, up 27 percent from $100,000 a year earlier.

Oakland County: 294 foreclosure sales, down 47 percent from 550 a year earlier. 1,754 non-foreclosure sales, up 21 percent from 1,452 a year earlier. Median sale price on foreclosure sales, $87,250, up 25 percent from $70,000 a year earlier. Median sale price on non-foreclosure sales, $204,075, up 17 percent from $175,000 a year earlier.

Sanilac County: five foreclosure sales, unchanged from a year earlier. Nine non-foreclosure sales, down 18 percent from 11 a year earlier. Median sale price on foreclosure sales, $78,507, up 157 percent from $30,500 a year earlier. Median sale price on non-foreclosure sales, $135,000, up 125 percent from $60,000 a year earlier.

St. Clair County: 35 foreclosure sales, down 27 percent from 48 a year earlier. 134 non-foreclosure sales, up 44 percent from 93 a year earlier. Median sale price on foreclosure sales, $53,000, down 20 percent from $66,349 a year earlier. Median sale price on non-foreclosure sales, $130,000, up 2 percent from $128,000 a year earlier.

Tuscola County: Seven foreclosure sales, down 30 percent from 10 a year earlier. 25 non-foreclosure sales, up 127 percent from 11 a year earlier. Median sale price on foreclosure sales, $50,000, up 55 percent from $32,369 a year earlier. Median sale price on non-foreclosure sales, $90,000, up 3 percent from $87,000 a year earlier.

Wayne County excluding Detroit: 336 foreclosure sales, down 40 percent from 558 a year earlier. 1,219 non-foreclosure sales, up 15 percent from 1,056 a year earlier. Median sale price on foreclosure sales, $48,633, up 27 percent from $38,211 a year earlier. Median sale price on non-foreclosure sales, $130,000, up 44 percent from $90,000 a year earlier.

More at http://www.realcomp.com.

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