Economics Dept.: Foreclosure Sales Down in Detroit Area, Prices Mixed
Foreclosure sales fell sharply and non-foreclosure sales rose modestly across the Detroit region in February from year-earlier levels, according to the Farmington Hills real estate information technology provide Realcomp II Ltd.
The toal number of home sales for the region was 4,170, down 4.6 percent from 4,372 as year earlier. However, foreclosure sales were 2,061 of tht total, down .3 percent from 2,273 a year earlier, while non-foreclosure sales were 2,109, up 0.5 percent from 2,099 a year earlier.
The region's overall median price for a foreclosure sale was $33,950, up 4.3 percent from $32,562 a year earlier. The region's median price for a non-foreclosure sale was $90,000, down 6.3 percent from $96,000 a year earlier.
The company said the number of homes on the market continues to decline -- to 32,685 homes, down from 38,297 a year earlier -- as did the number of days it takes a home to sell, where the average fell by four days to 97 last month, indicating a pickup in sales.
By submarket, the region's sales were as follows:
Detroit: 335 foreclosure sales, down 38.9 percent from 548 a year earlier; 179 non-foreclosure sales, up 45.5 percent from 123 a year earlier. Median sale price on foreclosure sales, $8,150, up 32.5 percent from $6,153 a year earlier; median sale price on non-foreclosure sales, $10,500, down 32.3 percent from $15,500 a year earlier.
Genesee County: 196 foreclosure sales, up 300 percent from 49 a year earlier; 168 non-foreclosure sales, down 49.2 percnet from 331 a year earlier. Median sale price on foreclosure sales, $29,000, down 27.5 percent from $40,000 a year earlier; median sale price on non-foreclosure sales, $64,450, up 43.2 percnet from $45,000 a year earlier.
Huron County: two foreclosure sales, up 100 percent from one a year earlier; three non-foreclosure sales, unchanged from a year earlier. Median sale price on foreclosure sales, $37,501, down 0.5 percnet from $37,700 a year earlier; median sale price on non-foreclosure sales, $71,500, up 68.2 percent from $42,500 a year earlier.
Lapeer County: 36 foreclosure sales, up 5.9 percent from 34 a year earlier; 22 non-foreclosure sales, down 21.4 percent from 28 a year earlier. Median sale price on foreclosure sales, $50,500, down 20.5 percent from $63,500 a year earlier; median sale price on non-foreclosure sales, $101,000, up 46.5 percent from $68,950 a year earlier.
Livingston County: 43 foreclosure sales, down 44.2 percnet from 77 a year earlier; 89 non-foreclosure sales, up 11.3 percent from 80 a year earlier. Median sale price on foreclosure sales, $104,021, up 7.2 percnet from $97,000 a year earlier. Median sale price on non-foreclosure sales, $144,900, down 3.2 percent from $149,625 a year earlier.
Macomb County: 350 foreclosure sales, down 2 percent from 357 a year earlier; 312 non-foreclosure sales, up 21.9 percent from 256 a year earlier. Median sale price on foreclosure sales, $43,500, up 8.8 percent from $40,000 a year earlier. Median sale price on non-foreclosure sales, $85,000, down 15 percent from $99,950 a year earlier.
Oakland County: 469 foreclosure sales, down 13.8 percnet from 544 a year earlier; 640 non-fordclosure sales, up 6.3 percent from 602 a year earlier. Median sale price on foreclosure sales, $58,000, up 9.5 percnet from $52,950 a year earlier. Median sale price on non-foreclousre sales, $129,950, down 3.3 percent from $134,450 a year earlier.
Sanilac County: Six foreclosure sales, up 50 percent from 4 a year earlier; four non-foreclosure sales, unchanged from a year earlier. Median sale price on foreclosure sales, $16,500, down 79.9 percent from $81,950 a year earlier. Median sale price on non-foreclosure home, $34,750, down 9.2 percent from $38,250 a year earlier.
St. Clair County: 26 foreclosure sales, down 25.7 percent from 35 a year earlier; 29 non-foreclosure sales, up 44.4 percent from 27 a year earlier. Median sale price on forecoosure sales, $32,100 down 39.4 percent from $53,000 a year earlier. Median sale price on foreclosure sales, $32,100, down 39.4 percent from $53,000 a year earlier. Median sale price on non-foreclosure sales, $104,900, down 4.6 percent from $110,000 a year earlier.
Tuscola County: six foreclosure sales, down 25 percnet from eight a year earlier; seven non-foreclosure sales, down 50 percnet from 14 a year earlier. Median sale price on foreclosure sales, $39,925, up 41.3 percent from $28,250 a year earlier. Median sale price on non-foreclosure sales, $93,000, up 35,8 percnet fro $68,500 a year earlier.
Wayne County except Detroit: 515 foreclosure sales, down 2.8 percent from 530 a year ago; 492 non-foreclosure sales, up 1 percent from a year earlier. Median price on foreclosure sales, $32,500, down 10.2 percent from $36,209 a year earlier. Median price on non-foreclosure sales, $69,450, down 21.1 percnet from $88,000 a year earlier.
More at www.realcomp.com.
