Economics Dept.: Home Sales Fall, Prices Mixed In Detroit Area
Both foreclosure and non-foreclosure home sales fell in metro Detroit during the month of November from year-ago levels, according to the Farmington Hills real estate data firm Realcomp II Ltd.
Median sale prices on foreclosure sales rose sharply, while sale prices of non-foreclosure sales declined.
On the bright side, the number of homes on the market continued its decline, to 35,875 in November, from 41,304 a year earlier -- the lowest inventory since December 2005. And the average number of days a home spent on the market before it sold also continued to decline, by 12 days to 100.
By submarket ,sales were as follows:
* Detroit, 285 foreclosure sales, down 56.2 percent from 651 a year earlier; 173 non-foreclosure sales, up 37.3 percent from 126 a year earlier; median sale price on foreclosure sales, $9,000, up 31.2 eprcent from $6,862 a year earlier; median sale price on non-foreclosure sales, $15,500, down 16.2 percent from $18,500 a year earlier.
* Genesee County, 56 foreclosure sales, down 8.2 percent from 61 a year earlier; 324 non-foreclosure sales, down 25 percnet from 432 a year earlier; median sale price on foreclosure sales, $51,412, up 38.6 percnet from $37,100 a year earlier; median price on non-foreclosure sales, $55,050, down 4.7 percent from $57,750 a year earlier.
* Huron County, no foreclosure sales, down from three a year earlier; four non-foreclosure sales, up from three a year earlier; median sale price on non-foreclosure sales, $110,500, down 48.6 percent from $215,000 a year earlier.
* Lapeer County, 38 foreclosure sales, unchanged from a year earlier; 53 non-foreclosure sales, down 7 percent from 57 a year earlier; median sale price on foreclosure sales, $80,200, up 65.4 percent from $48,500 a year earlier; median sale price on non-foreclosure sales, $123,000, up 29.5 percnet from $95,000 a year earlier.
* Livingston County, 53 foreclosure sales, down 17.2 percent from 64 a year earlier; 136 non-foreclosure sales, down 6.2 percent from 145 a year earlier; median sale price on foreclosure sales, $105,000, up 10.5 percnet from $95,000 a year earlier; median sale price on non-foreclosure sales, $132,000, down 9 percent from $145,000 a year earlier.
Macomb County, 313 foreclosure sales, down 15.6 percent from 371 a year earlier; 451 non-foreclosure sales, down 16.5 percent from 540 a year earlier; median sale price on foreclosure sales, $46,000, down 10.3 percent from $51,295 a year earlier; median sale price on non-foreclosure sales, $88,000, down 10.7 percent from $98,500 a year earlier.
Oakland County, 485 foreclosure sales, down 15.4 percent from 573 a year earlier; 831 non-foreclosure sales, down 9 percent from 913 a year earlier; median sale price on foreclosure sales, $57,100, down 16.3 percent from $68,250 a year earlier; median sale price on non-foreclosure sales, $145,000, down 1.4 percent from $147,000 a year earlier.
Sanilac County, five foreclosure sales, unchanged from a year earlier; six non-foreclosure sales, down 14.3 percent from seven a year earlier; median sale price on foreclosure sales, $30,000, down 28.6 percent from $42,000 a year earlier; median sale price on non-forclosure sales, $62,000, up 3.3 percent from $60,000 a year earlier.
St. Clair County, 20 foreclosure sales, down 54.5 percent from 44 a year earlier; 47 non-foreclosure sales, down 25.4 percent from 63 a year earlier; median sale price on foreclosure sales, $38,500, down 17.4 percent from $46,587 a year earlier; median sale price on non-foreclosure sales, $114,000, up 8.6 percent from $105,000 a year earlier.
Tuscola County: seven foreclosure sales, down 12.6 percnet from eight a year earlier; eight non-foreclosure sales, down 50 percent from 16 a year earlier; median sale price on foreclosure sales, $40,260, down 17 percent from $48,500 a year earlier; median sale price on non-foreclosure sales, $92,000, up 41.5 percent from $65,000 a year earlier.
Wayne County (except Detroit), 512 foreclosure sales, down 7.1 percent from 551 a year earlier; 671 non-foreclosure sales, down 5.4 percent from 709 a year earlier; median sale price on foreclosure sales, $37,000, unchanged from a year earlier; median sale price on non-foreclosure sales, $77,000, down 18.7 percent from $94,700 a year earlier.
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