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Detroit-Area Real Estate Market: Inventory Down, Prices Up

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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

FARMINGTON HILLS (WWJ) – It was the same old song for the Detroit area’s residential real estate market in February, according to new numbers from the Farmington Hills-based real estate information company Realcomp II Ltd.: The number of sales is down, but prices are up.

February sales in the seven-county area monitored by Realcomp were 3,897 homes and condominiums, down 12.3 percent from 4,222 sales in February 2013.

But the median price of those sales was $105,000, up a whopping 31.3 percent from $80,000 in February 2013.

Price increases were above the background level in Genesee County (up 50.6 percent), the Dearborn-Dearborn Heights area (up 44.1 percent), Lapeer County (up 41.5 percent) and Macomb County (up 35 percent). Prices actually fell 2.9 percent in the survey’s Detroit area, which includes Detroit, Hamtramck, Harper Woods and Highland Park.

The number of homes on the market continued to shrink, to 18,307 in February 2014, down from 20,421 in February 2013. And the length of time it takes to sell a home continued to plunge, by nearly a month — from an average days on market of 84 days in 2013 to just 59 days in 2014.

By county and submarket, February 2014 sales were as follows:

Detroit area: 277 foreclosure sales, down 0.7 percent from 279 a year earlier; 170 non-foreclosure sales, down 1.7 percent from 173 a year earlier. Median sale price on foreclosure sales, $7,700, down 14.4 percent from $9,000 a year earlier. Median sale price on non-foreclosure sales, $20,000, up 33.3 percent from $15,000 a year earlier.

Dearborn-Dearborn Heights: 36 foreclosure sales, down 7.7 percent from 39 a year earlier; 104 non-foreclosure sales, down 14.8 percent from 122 a year earlier. Median sale price on foreclosure sales, $52,000, up 13.5 percent from $45,833 a year earlier. Median sale price on non-foreclosure sales, $97,750, up 55.8 percent from $62,750 a year earlier.

Genesee County: 100 foreclosure sales, down 38.3 percent from 162 a year earlier. 192 non-foreclosures ales, up 2.1 percent from 188 a year earlier. Median sale price on foreclosure sales, $23,000, up 10.8 percent from $20,750 a year earlier. Median sale price on non-foreclosure sales, $88,000, up 17.7 percent from $74,750 a year earlier.

Grosse Pointes: 2 foreclosure sales, down 88.2 percent from 17 a year earlier. 41 non-foreclosure sales, up 51.9 percent from 27 a year earlier. Median sale price on foreclosure sales, $781,250, up 658.1 percent from $103,050 a year earlier. Median sale price on non-foreclosure sales, $215,000, up 0.5 percent from $214,000 a year earlier.

Lapeer County: 18 foreclosure sales, down 35.7 percent from 28 a year earlier. 42 non-foreclosure sales, up 31.3 percent from 32 a year earlier. Median sale price on foreclosure sales, $94,877, up 17 percent from $81,105 a year earlier. Median sale price on non-foreclosure sales, $147,750, up 34.3 percent from $110,000 a year earlier.

Livingston County: 31 foreclosure sales, down 46.6 percent from 58 a year earlier. 134 non-foreclosure sales, up 5.5 percent from 127 a year earlier. Median sale price on foreclosure sales, $131,600, up 1.2 percent from $130,100 a year earlier. Median sale price on non-foreclosure sales, $186,225, up 6.5 percent from $174,900 a year earlier.

Macomb County: 178 foreclosure sales, down 34.3 percent from 271 a year earlier. 455 non-foreclosure sales, down 11.7 percent from 515 a year earlier. Median sale price on foreclosure sales, $68,345, up 17.8 percent from $58,000 a year earlier. Median sale price on non-foreclosure sales, $117,500, up 21.1 percent from $97,000 a year earlier.

Oakland County: 218 foreclosure sales, down 28.1 percent from 303 a year earlier. 757 non-foreclosure sales, down 6.2 percent from 807 a year earlier. Median sale price on foreclosure sales, $95,000, up 25.8 percent from $75,500 a year earlier. Median sale price on non-foreclosure sales, $189,950, up 15.1 percent from $165,000 a year earlier.

St. Clair County: 30 foreclosure sales, down 31.8 percent from 44 a year earlier. 53 non-foreclosure sales, up 35.9 percent from 39 a year earlier. Median sale price on foreclosure sales, $56,151, up 28.2 percent from $43,805 a year earlier. Median sale price on non-foreclosure sales, $120,000, up 20 percent from $100,000 a year earlier.

Wayne County, excluding Detroit: 315 foreclosure sales, down 17.8 percent from 383 a year earlier. 566 non-foreclosure sales, down 16.8 percent from 680 a year earlier. Median sale price on foreclosure sales, $50,000, up 19 percent from $42,000 a year earlier. Median sale price on non-foreclosure sales, $118,000, up 42.2 percent from $83,000 a year earlier.

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