Detroit-Area Home Sales, Prices Jump

FARMINGTON HILLS -- Both the number of homes sold and home prices in the Detroit area rose in May from year-ago levels, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.

The total number of residential and condo sales rose 11.4 percent from a year earlier, from 5,679 units to 6,325 units. The median sale price in the region jumped 21.2 percent from a year ago, from $66,850 in May 2011 to $81,000 in May 2012.

Homes were selling quicker compared to a year ago, with the average days on the market for a home falling to 84 days from 97 a year earlier. And the inventory on the market fell to 27,227, down 17.6 percent from 33,029 a year earlier. About 13 percent of the inventory (3,652) is comprised of properties identified as foreclosures. Another 22 percent of the inventory (5,897) is comprised of properties identified as short sales.

By submarket, the sales were as follows:

City of Detroit: 350 foreclosure sales, down 22.7 percent from 453 a year earlier; 197 non-foreclosure sales, down 7.9 percent from 214 a year earlier. Median sale price on foreclosure sales, $8,250, up 1.7 percent from $8.112 a year earlier. Median sale price on non-foreclosure sales, $14,000, up 7.7 percent from $13,000 a year earlier.

Genesee County: 208 foreclosure sales, down 14.8 percent from 244 a year earlier; 280 non-foreclosure sales, up 13.8 percnet from 246 a year earlier; median sale price on foreclosure sales, $31,750, up 27 percent from $25,000 a year earlier; median sale price on non-foreclosure sales, $82,601, up 8 percent from $76,450 a year earlier.

Huron County: Three foreclosure sales, up 50 percent from two a year earlier. seven non-foreclosure sales, down 30 percent from 10 a year earlier. Median sale price on foreclosure sales, $32,525, up 14.1 percnet from $28,500 a year earlier. Median sale price on non-foreclosure sales, $105,000 up 1.1 percent from $103,850 a year earlier.

Lapeer County: 40 foreclosure sales, down 20 percent from 50 a year earlier. 50 non-foreclosure sales, up 47.1 percent from 34 a year earlier. Median sale price on foreclosure sales, $64,750, up 43.9 percent from $45,000 a year earlier. Median sale price on non-foreclosure sales, $105,000, up 11.1 percent from $94,500 a year earlier.

Livingston County: 74 foreclosure sales, down 1.3 percent from 75 a year earlier. 166 non-foreclosure sales, up 23.9 percent from 134 a year earlier. Median sale price on foreclosure sales, $111,158, up 20.8 percent from $92,001 a year earlier. Median sale price on non-foreclosure sales, $172,500, up 5.8 percent from $163,000 a year earlier.

Macomb County: 426 foreclosure sales, up 1.7 percent from 419 a year earlier. 644 non-foreclosure sales, up 28.3 percent from 502 a year earlier. Median sale price on foreclosure sales, $47,000, up 16.7 percent from $40,280 a year earlier, Median sale price on non-foreclosure sales, $91,000, up 4.6 percent from $87,000 a year earlier.

Oakland County: 539 foreclosure sales, up 12.1 percent from 481 a year earlier. 1,178 non-foreclosure sales, up 24.3 percent from 948 a year earlier. Median sale price on foreclosure sales, $63,298, up 11 percent from $57,000 a year earlier. Median sale price on non-foreclosure sales, $175,500, up 14 percent from $153,950 a year earlier.

Sanilac County: 13 foreclosure sales, up 85.7 percent from seven a year earlier. 10 non-foreclosure sales, up 66.7 percent from six a year earlier. Median sale price on foreclosure sales, $27,000, down 40 percent from $45,000 a year earlier. Median sale price on non-foreclosure sales, $56,400, up 40.1 percent from $40,250 a year earlier.

St. Clair County: 51 foreclosure sales, down 1.9 percent from 52 a year earlier. 67 non-foreclosure sales, up 11.7 percent from 60 a year earlier. Median sale price on foreclosure sales, $47,700,  up 29.8 percnet from $36,750 a year earlier. Median sale price on non-foreclosure sales, $56,400, up 40.1 percent from $40,250 a year earlier.

Tuscola County: 16 foreclosure sales, up 100 percent from eight a year earlier. 20 non-foreclosure sales, up 17.6 percent from 17 a year earlier. Median sale price on foreclosure sales, $38,121, up 36.1 percent from $28,000 a year earlier. Median sale price on non-foreclosure sales, $80,000, up 12.7 percent from $71,000 a year earlier.

Wayne County (excluding Detroit): 601 foreclosure sales, down 2.3 percent from 615 a year earlier. 889 non-foreclosure sales, up 18.9 percent from 748 a year earlier. Median sale price on foreclosure sales, $37,300, up 16.6 percent from $32,000 a year earlier. Median sale price on non-foreclosure sales, $90,000, up 9.1 percnet from $82,500 a year earlier.