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Metro Detroit Home Prices Continue Upward Climb

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FARMINGTON HILLS (WWJ) – The number of home sales fell but prices continued their upward march in January compared to a year earlier, according to figures released Monday by the Farmington Hills real estate information firm Realcomp II Ltd.

In the 10-county area surveyed by Realcomp, home and condo sales fell 12.9 percent to 4,228 from 4,855 in January 2013. The number of sales fell in all parts of the regions except for the Grosse Pointes, a tiny sliver of the market, where sales rose from 46 to 54.

Prices were a different story, rising from a median of $80,091 in January 2013 to $107,813 in January 2014, a leap of 34.6 percent. The top price increase came in Wayne County, up 44.2 percent.

The number of homes on the market continued to decline, making it a seller’s market. Inventory was 19,263 in January, down 10.1 percent from 21,423 a year earlier.

By county and other submarkets, sales were as follows:

Detroit area (includes Detroit, Hamtramck, Highland Park and Harper Woods): 244 foreclosure sales, down 16.4 percent from 292 a year earlier; 136 non-foreclosure sales, down 26.9 percent from 186 a year earlier; median sale price on foreclosure sales, $9,000, up 8.4 percent from $8,300 a year earlier; median sale price on non-foreclosure sales, $21,500, up 48.8 percent from $14,450 a year earlier.

Dearborn/Dearborn Heights: 28 foreclosure sales, down 36.4 percent from 44 a year earlier; 114 non-foreclosure sales, up 8.6 percent from 105 a year earlier; median sale price on foreclosure sales, $59,659, up 49.1 percent from $40,000 a year earlier; median sale price on non-foreclosure sales, $96,500, up 37.9 percent from $70,000 a year earlier.

Genesee County: 153 foreclosure sales, down 20.3 percent from 192 a year earlier; 217 non-foreclosure sales, up 2.8 percent from 211 a year earlier; median sale price on foreclosure sales, $21,601, down 22.9 percent from $28,000 a year earlier; median sale price on non-foreclosure sales, $110,000, up 33.7 percent from $82,250 a year earlier.

Grosse Pointes (includes Grosse pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Pointe Woods and Lake Township): Six foreclosure sales, down 33.3 percent from nine a year earlier; 48 non-foreclosure sales, up 29.7 percent from 37 a year earlier; median sale price on foreclosure sales, $320,000, up 205.1 percent from $104,900 a year earlier; median sale price on non-foreclosure sales, $192,875, up from 13.5 percent from $170,000 a year earlier.

Lapeer County: 27 foreclosure sales, down 25 percent from 36 a year earlier; 47 non-foreclosure sales, up 17.5 percent from 40 a year earlier; median sale price on foreclosure sales, $67,100, up 5.5 percent from $63,617 a year earlier; median sale price on non-foreclosure sales, $139,000, down 6.4 percent from $149,500 a year earlier.

Livingston County: 37 foreclosure sales, down 37.3 percent from 59 a year earlier; 138 non-foreclosure sales, down 4.2 percent from 144 a year earlier; median sale price on foreclosure sales, $112,500, down 3.9 percent from $117,097 a year earlier; median sale price on non-foreclosure sales, $191,000, up 18.6 percent from $161,000 a year earlier.

Macomb County: 180 foreclosure sales, down 37.1 percent from 286 a year earlier; 538 non-foreclosure sales, down 2 percent from 549 a year earlier; median sale price on foreclosure sales, $68,700, up 20.5 percent from $57,000 a year earlier; median sale price on non-foreclosure sales, $129,000, up 20 percent from $100,000 a year earlier.

Oakland County: 212 foreclosure sales, down 42.4 percent from 368 a year earlier; 908 non-foreclosure sales, up 2.3 percent from 888 a year earlier; median sale price on foreclosure sales, $84,050, up 20.1 percent from $70,000 a year earlier; median sale price on non-foreclosure sales, $170,000, up 6.3 percent from $160,000 a year earlier.

St. Clair County: 38 foreclosure sales, up 2.7 percent from 37 a year earlier; 61 non-foreclosure sales, down 4.7 percnet from 64 a year earlier; median sale price on foreclosure sales, $40,000, down 5.9 percent from $42,500 a year earlier; median sale price on non-foreclosure sales, $125,000, up 4.6 percent from $119,450 a year earlier.

Tuscola County: Four foreclosure sales, down 20 percent from five a year earlier; 12 non-foreclosure sales, unchanged from a year earlier; median sale price on foreclosure sales, $65,750, up 193.5 percent from $22,400 a year earlier; median sale price on non-foreclosure sales, $77,950, up 35.6 percent from $57,500 a year earlier.

Wayne County (excluding Detroit): 274 foreclosure sales, down 34.8 percent from 420 a year earlier; 689 non-foreclosure sales, down 4.6 percent from 722 a year earlier; median sale price on foreclosure sales, $50,000, up 23.8 percent from $40,390 a year earlier; median sale price on non-foreclosure sales, $112,500, up 29.3 percent from $87,000 a year earlier.

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