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Detroit-Area Real Estate Sales, Prices Jump Again

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FARMINGTON HILLS (WWJ) – Median home prices and total sales jumped in September over September 2012 in metro Detroit, according to the Farmington Hills real estate information firm Realcomp II Ltd.

The figures from the 10-county region showed a 48 percent jump in price and a 7 percent increase in sales.

There were 6,235 sales in September 2013, up from 5,684 a year earlier. And the median sale price of single family homes and condominiums in the region was $125,000 in September 2013, up from $89,500 a year earlier.

Prices were up in all counties, including a 50 percent increase in Wayne County and 43 percent increase in Macomb County.

Also, inventory and the average days on market before a sale continue to decline — inventory declined by 13 percent, to 22,535 homes on the market from 26,023 homes a year ago, and median days on the market before a sale occurs fell three full weeks, to 54 days, from 76 days a year earlier.

By county and other major markets, sales were as follows:

Detroit area (includes Detroit, Hamtramck, Harper Woods and Highland Park): 210 foreclosure sales, down 26 percent from 285 a year earlier; 205 non-foreclosure sales, up 6 percent from 194 a year earlier; median sale price on foreclosure sales, $8,150, up 2 percent from $8,000 a year earlier; median sale price on non-foreclosure sales, $18,000, up 27 percent from $14,125 a year earlier.

Dearborn and Dearborn Heights: 34 foreclosure sale, down 29 percent from 48 a year earlier; 143 non-foreclosure sales, unchanged from a year earlier; median sale price on foreclosure sales, $62,560, up 73 percent from $36,100 a year earlier; median sale price on non-foreclosure sales, $94,000, up 35 percent from $69,900 a year earlier.

Genesee County: 180 foreclosure sales, down 7 percent from 194 a year earlier; 320 non-foreclosure sales, down 25 percent from 257 a year earlier; median sale price on foreclosure sales, $26,000, up 8 percent from $24,000 a year earlier; median sale price on non-foreclosure sales, $97,000, up 35 percent from $69,900 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 20 percent from five a year earlier; 60 non-foreclosure sales, up 28 percent from 47 a year earlier; median sale price on foreclosure sales, $106,655, up 2 percent from $105,100 a year earlier; median sale price on non-foreclosure sales, $265,000, up 50 percent from $176,500 a year earlier.

Lapeer County: 35 foreclosure sales, down 15 percent from 41 a year earlier; 74 non-foreclosure sales, up 54 percent from 48 a year earlier; median sale price on foreclosure sales, $68,100, up 10 percent from $62,000 a year earlier; median sale price on non-foreclosure sales, $139,250, up 13 percent from $123,500 a year earlier.

Livingston County: 36 foreclosure sales, down 41 percent from 61 a year earlier; 254 non-foreclosure sales, up 52 percent from 167 a year earlier; median sale price on foreclosure sales, $112,000, up 18 percent from $95,000 a year earlier; median sale price on non-foreclosure sales, $195,000, up 11 percent from $175,000 a year earlier.

Macomb County: 196 foreclosure sales, down 42 percent from 336 a year earlier; 837 non-foreclosure sales, up 32 percent from 632 a year earlier; median sale price on foreclosure sales, $61,250, up 23 percent from $49,900 a year earlier; median sale price on non-foreclosure sales, $124,000, up 24 percent from $100,000 a year earlier.

Oakland County: 222 foreclosure sales, down 41 percent from 376 a year earlier; 1,533 non-foreclosure sales, up 37 percent from 1,117 a year earlier; median sale price on foreclosure sales, $82,100, up 19 percent from $69,000 a year earlier; median sale price on non-foreclosure sales, $199,000, up 14 percent from $175,000 a year earlier.

St. Clair County: 40 foreclosure sales, down 5 percent from 42 a year earlier; 114 non-foreclosure sales, up 52 percent from 75 a year earlier; median sale price on foreclosure sales, $66,101, up 12 percent from $59,000 a year earlier; median sale price on non-foreclosure sales, $$118,000, up 11 percent from $106,000 a year earlier.

Wayne County (excluding Detroit): 310 foreclosure sales, down 29 percent from 438 a year earlier; 1,062 non-foreclosure sales, up 14 percent from 935 a year earlier; median sale price on foreclosure sales, $46,730, up 25 percnet from $37,500 a year earlier; median sale price on non-foreclosure sales, $121,000, up 22 percent from $99,000 a year earlier.

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