Detroit Area Home Prices Skyrocket
FARMINGTON HILLS (WWJ) -- Detroit's real estate market is officially red-hot.
The Farmington Hills real estate information firm Realcomp II Ltd. reported Monday that real estate sales rose 4.6 percent in the 10-county Detroit area in July from a year earlier -- but what really took off was prices, which jumped 39 percent from July 2012.
The median sale price for the region was $125,000 in July, up from $90,000 in July 2012.
And houses are selling much more quickly, as well -- the average days on the market before a sale tumbled to 53 days across the region from 75 days a year earlier -- more than three weeks faster.
And inventory on the market tumbled by 22 percent, from 28,180 homes listed for sale a year ago to 21,146 today.
Sharp sales increases were reported Oakland and St. Clair counties, up 11 and 29 percent respectively. Sharp price increases were reported in Wayne County (up 60 percent), Lapeer County (up 52 percent) and Macomb County (up 42 percent).
By county and other submarket, sales for July were as follows:
Detroit area (includes Detroit, Hamtramck, Harper Woods and Highland Park): 251 foreclosure sales, down 25.3 percent from 336 a year earlier. 174 non-foreclosure sales, down 13 percent from 200 a year earlier. Median sale price on foreclosure sales, $10,000, up 16.3 percent from $8,601 a year earlier. Median sale price on non-foreclosure sales, $19,305, up 27.8 percent from $15,100 a year earlier.
Dearborn area (includes Dearborn and Dearborn Heights): 39 foreclosure sales, down 33.9 percent from 59 a year earlier; 139 non-foreclosure sales, down 14.7 percent from 163 a year earlier; median sale price on foreclosure sales, $50,000, up 53.8 percent from $32,500 a year earlier. Median sale price on non-foreclosure sales, $86,000, up 14.7 percent from $75,000 a year earlier.
Genesee County: 162 foreclosure sales, down 22.9 percent from 210 a year earlier. 335 non-foreclosure sales, up 25 percent from 260 a year earlier. Median sale price on foreclosure sales, $26,950, down 10.2 percent from $30,000 a year earlier. Median sale price on non-foreclosure sales, $104,900, up 8.4 percent from $96,750 a year earlier.
Grosse Pointes (includes Grosse Pointe, Grosse POinte Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Pointe Woods and Lake Township): Nine foreclosure sales, up 12.5 percent from eight a year earlier. 89 non-foreclosure sales, up 21.9 percent from 73 a year earlier. Median sale price on foreclosure sales, $133,000, up 20.4 percent from $110,500 a year earlier. Median sale price on non-foreclosure sales, $250,000, up 4.2 percent from $240,000 a year earlier.
Huron County: Three foreclosure sales, up 50 percent from two a year earlier. 17 non-foreclosure sales, up 112.5 percent from eight a year earlier. Median sale price on foreclosure sales, $76,664, up 4 percent from $73,750 a year earlier. Median sale price on non-foreclosure sales, $80,000, down 7.5 percnet from $86,500 a year earlier.
Lapeer County: 32 foreclosure sales, down 40.7 percent from 54 a year earlier. 74 non-foreclosure sales, up 21.3 percent from 61 a year earlier. Median sale price on foreclosure sales, $97,450, up 60.4 percent from $60,750 a year earlier. Median sale price on non- foreclosure sales, $144,400, up 28.9 percnet from $112,000 a year earlier.
Livingston County: 52 foreclosure sales, down 30.7 percent from 75 a year earlier. 248 non-foreclosure sales, up 24.6 percent from 199 a year earlier. Median sale price on foreclosure sales, $131,750, up 25.5 percent from $105,000 a year earlier. Median sale price on non-foreclosure sales, $194,500, up 14.4 percent from $170,000 a year earlier.
Macomb County: 262 foreclosure sales, down 35.5 percent from 406 a year earlier. 906 non-foreclosure sales, up 34 percent from 676 a year earlier. Median sale price on foreclosure sales, $60,000, up 41.1 percent from $42,527 a year earlier. Median sale price on non-foreclosure sales, $120,000, up 17.4 percnet from $102,250 a year earlier.
Oakland County: 320 foreclosure sales, down 31.6 percent from 468 a year earlier. 1,607 non-foreclosure sales, up 26.3 percent from 1,272 a year earlier. Median sale price on foreclosure sales, $89,900, up 49.8 percent from $60,000 a year earlier. Median sale price on non-foreclosure sales, $211,900, up 21.1 percent from $175,000 a year earlier.
Sanilac County: 11 foreclosure sales, up 175 percent from four a year earlier. 10 non-foreclosure sales, unchanged from a year earlier. Median sale price on foreclosure sales, $36,500, up 13.9 percent from $32,034 a year earlier. Median sale price on non- foreclosure sales, $97,450, up 21.8 percent from $80,000 a year earlier.
St. Clair County: 47 foreclosure sales, up 2.2 percent from 46 a year earlier. 107 non-foreclosure sales, up 46.6 percent from 73 a year earlier. Median sale price on foreclosure sales, $54,000, up 4.9 percent from $51,500 a year earlier. Median sale price on non-foreclosure sales, $110,000, unchanged from a year earlier.
Tuscola County: 12 foreclosure sales, down 7.7 percent from 13 a year earlier. 14 non-foreclosure sales, down 12.5 percent from 16 a year earlier. Median sale price on foreclosure sales, $20,067, down 54.9 percent from $44,500 a year earlier. Median sale price on non-foreclosure sales, $73,250, down 10.1 percent from $81,500 a year earlier.
Wayne County (excluding Detroit): 381 foreclosure sales, down 28 percent from 529 a year earlier. 1,116 non-foreclosure sales, up 17.1 percent from 953 a year earlier. Median sale price on foreclosure sales, $48,000, up 37.5 percent from $34,900 a year earlier. Median sale price on non-foreclosure sales, $123,000, up 23 percent from $100,000 a year earlier.
