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Detroit Area Real Estate Sales Fall 5 Percent, But Prices Continue To Explode

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mattroush Matt Roush
Matt Roush joined WWJ Newsradio 950 in September 2001 to spearhead the...
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FARMINGTON HILLS (WWJ) – Real estate sales in the 10-county metro Detroit area fell 4.7 percent in November from November 2012, but prices continued their sharp upward spike, according to the Farmington Hills real estate information firm Realcomp II Ltd.

Sales of homes and condominiums in the region were 5,246 in November, down from 5,506 sales in November 2012.

The median sale price, however, was up 35.9 percent, to $119,000, from $87,550 a year earlier.

The only counties to buck the lower sales trend for the month were Genesee and Sanilac. Price increases above the norm were seen in Huron, Macomb and Wayne counties.

The region’s residential real estate inventory continues to shrink, to 21,499 homes on the market at the end of the month, down 10 percent from 23,829 a year earlier. And the average number of days it takes to sell a home continues to shrink, to 51 days, down from 74 days a year ago.

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

Detroit area (includes Detroit, Highland Park, Hamtramck and Harper Woods): 204 foreclosure sales, down 26.6 percent from 278 a year earlier. 189 non-foreclosure sales, up 8 percent from 175 a year earlier. Median sale price on foreclosure sales, $8,000, down 4.5 percent from $8,375 a year earlier. Median sale price on non-foreclosure sales, $21,000, up 50 percent from $14,000 a year earlier.

Dearborn area (includes Dearborn and Dearborn Heights): 31 foreclosure sales, down 32.6 percent from 46 a year earlier. 124 non-foreclosure sales, down 5.3 percent from 131 a year earlier. Median sale price on foreclosure sales, $63,000, up 53.8 percent from $40,950 a year earlier. Median sale price on non-foreclosure sales, $80,500, up 5.9 percent from $76,000 a year earlier.

Genesee County: 129 foreclosure sales, down 28.7 percent from 181 a year earlier. 322 non-foreclosure sales, up 23.4 percent from 261 a year earlier. Median sale price on foreclosure sales, $39,500, up 15.3 percent from $34,263 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 11.1 percent from $90,000 a year earlier.

Grosse Pointe area (includes Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Woods, Grosse Pointe Park, Grosse Pointe Shores and Lake Township): 3 foreclosure sales, down 50 percent from 6 a year earlier. 46 non-foreclosure sales, down 24.6 percent from 61 a year earlier. Median sale price on foreclosure sales, $207,000, up 76.2 percent from $117,500 a year earlier. Median sale price on non- foreclosure sales, $232,500, up 5.7 percent from $220,000 a year earlier.

Huron County: no foreclosure sales, down from 1 a year earlier. 16 non-foreclosure sales, up 45.5 percent from 11 a year earlier. Median sale price on foreclosure sales, $40,000 a year ago. Median sale price on non-foreclosure sales, $89,250, up 48.8 percent from $60,000 a year earlier.

Lapeer County: 23 foreclosure sales, down 30.3 percent from 33 a year earlier. 59 non-foreclosure sales, up 9.3 percent from 54 a year earlier. Median sale price on foreclosure sales, $77,422, up 25.5 percent from $61,700 a year earlier. Median sale price non-foreclosure sales, $119,000, down 0.8 percent from $120,000 a year earlier.

Livingston County: 29 foreclosure sales, down 43.1 percent from 51 a year earlier. 197 non-foreclosure sales, down 5.3 percent from 187 a year earlier. Median sale price on foreclosure sales, $154,700, up 62.8 percent from $95,000 a year earlier. Median sale price on non-foreclosure sales, $190,000, up 7.1 percent from $177,460 a year earlier.

Macomb County: 183 foreclosure sales, down 37.1 percent from 291 a year earlier. 736 non-foreclosure sales, up 16.8 percent from 630 a year earlier. Median sale price on foreclosure sales, $67,112, up 32.8 percent from $50,555 a year earlier. Median sale price on non-foreclosure sales, $122,500, up 22.5 percent from $100,000 a year earlier.

Oakland County: 237 foreclosure sales, down 42.8 percent from 414 a year earlier. 1,158 non-foreclosure sales, up 9.7 percent from 1,056 a year earlier. Median sale price on foreclosure sales, $80,500, up 7.3 percent from $75,000 a year earlier. Median sale price on non-foreclosure sales, $188,750, up 16.5 percent from $162,000 a year earlier.

Sanilac County: 6 foreclosure sales, unchanged from a year earlier. 14 non-foreclosure sales, up 75 percent from 8 a year earlier. Median sale price on foreclosure sales, $48,300, up 1.4 percent from $47,649 a year earlier. Median sale price on non-foreclosure sales, $78,950, up 5.3 percent from $74,950 a year earlier.

St. Clair County: 40 foreclosure sales, down 7 percent from 43 a year earlier. 83 non-foreclosure sales, down 1.2 percent from 84 a year earlier. Median sale price on foreclosure sales, $52,965, up 38.7 percent from $38,000 a year earlier. Median sale price on non-foreclosure sales, $135,000, up 31.1 percent from $103,000 a year earlier.

Tuscola County: 6 foreclosure sales, down 14.3 percent from 7 a year earlier. 14 non-foreclosure sales, unchanged from a year earlier. Median sale price on foreclosure sales, $45,000, up 87.5 percent from $24,000 a year earlier. Median sale price on non-foreclosure sales, $57,450, down 35.8 percent from $89,500 a year earlier.

Wayne County (excluding Detroit): 461 foreclosure sales, down 34.3 percent from 702 a year earlier. 867 foreclosure sales, down 2.1 percent from 886 a year earlier. Median sale price on foreclosure sales, $48,000, up 23 percent $39,011 a year earlier. Median sale price non-foreclosure sales, $114,950, up 27.7 percent from $90,000 a year earlier.

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