House Prices Rise, Inventory Levels Shrink
FARMINGTON HILLS -- The Detroit-area housing market continued its recovery in December, according to numbers released Monday by the Farmington Hills-based real estate information provider Realcomp II Ltd.
The average sale price for the 10-county Detroit area covered by Realcomp was $85,000, up 21.4 percent from $70,000 in December 2011. There were 3,317 non-foreclosure sales in the month, up 10.3 percent from 3,007 a year earlier. There were 1,773 foreclosure sales for the month, down 16.8 percent from 2,132 a year earlier.
Other hopeful signs included a decline in inventory, from 25,989 in December 2011, to 20,641 in December 2012. The average time on the market required to sell a house also tumbled, to 80 days, from 91 a year earlier.
By county (and the city of Detroit) sales were as follows:
City of Detroit: 272 foreclosure sales, down 4.6 percent from 285 a year earlier. 191 non-foreclosure sales, up 7.3 percent from 178 a year earlier. Median sale price on foreclosure sales, $8,000, up 7.4 percent from $7,450 a year earlier. Median sale price on non-foreclosure sales, $15,000, up 17.6 percent from $12,750 a year earlier.
Genesee County: 175 foreclosure sales, down 2.8 percetn from 180 a year earlier. 207 non-foreclosure sales, up 11.3 percent from 186 a year earlier. Median sale price on foreclosure sales, $32,500, up 25 percent from $26,000 a year earlier. Median sale price on non-foreclosure sales, $82,900, down 7.8 percent from $89,950 a year earlier.
Huron County: Two foreclosure sales, up from none a year earlier. Six non-foreclosure sales, down 45.5 percent from 11 a year earlier. Median sale price on foreclosure sales, $28,750. Median sale price on non-foreclosure sales, $53,460, down 20.2 percent from $67,000 a year earlier.
Lapeer County: 33 foreclosure sales, up 22.2 percent from 27 a year earlier. 48 non-foreclosure sales, down 4 percent from 50 a year earlier. Median sale price on foreclosure sales, $65,500, up 56 percent from $42,000 a year earlier. Median sale price on non-foreclosure sales, $121,500, up 2.7 percent from $118,250 a year earlier.
Livingston County: 58 foreclosure sales, down 22.7 percent from 75 a year earlier. 166 non-foreclosure sales, up 29.7 percent from 128 a year earlier. Median sale price on foreclosure sales, $114,950, up 15 percent from $100,000 a year earlier. Median sale price on non-foreclosure sales, $175,000, up 9.4 percent from $159,960 a year earlier.
Macomb County: 281 foreclosure sales, down 20.6 percent from 354 a year earlier. 566 non-foreclosure sales, up 8.6 percent from 521 a year earlier. Median sale price on foreclosure sales, $58,000, up 58.7 percnet from $36,550 a year earlier. Median sale price on non-foreclosure sales, $105,700, up 16.2 percent from $91,000 a year earlier.
Oakland County: 367 foreclosure sales, down 25.4 percent from 492 a year earlier. 962 non-foreclosure sales, up 6.2 percent from 906 a year earlier. Median sale price on foreclosure sales, $73,944, up 13.8 percent from $65,000 a year earlier. Median sale price on non-foreclosure sales, $165,000, up 16.2 percent from $142,000 a year earlier.
Sanilac County: Seven foreclosure sales, down 36.4 percent from 11 a year earlier. Nine non-foreclosure sales, up 50 percent from six a year earlier. Median sale price on foreclosure sales, $22,000, down 30.8 percent from $31,800 a year earlier. Median sale price on non-foreclosure sales, $93,000, up 22 percent from $76,250 a year earlier.
St. Clair County: 45 foreclosure sales, up 9.8 percnet from 41 a year earlier. 65 non-foreclosure sales, up 3.2 percent from 63 a year earlier. Median sale price on foreclosure sales, $42,000, down 2.8 percent from $43,200 a year earlier. Median sale price on non-foreclosure sales, $109,000, down 2.7 percent from $112,000 a year earlier.
Tuscola County: 12 foreclosure sales, up 33.3 percent from nine a year earlier. 14 non-foreclosure sales, up 27.3 percent from 11 a year earlier. Median sale price on foreclosure sales, $30,207, up 4.2 percent from $29,000 a year earlier. Median sale price on non-foreclosure sales, $72,500, down 3.3 percent from $75,000 a year earlier.
Wayne County (excluding Detroit): 457 foreclosure sales, down 15.7 percent from 542 a year earlier. 783 non-foreclosure sales, up 10.7 percnet from 707 a year earlier. Median sale price on foreclosure sales, $38,000, up 8.7 percnet from $34,950 a year earlier. Median sale price on non-foreclosure sales, $89,000, up 11.4 percent from $79,999 a year earlier.
