March Home Sales Fall Slightly As Available Inventory Shrinks, Prices Jump
FARMINGTON HILLS -- A seller's market for homes and condominiums in southeast Michigan?
It's not as ridiculous as it seems. In March, available inventory of homes for sale plunged again, and sales declined slightly, while prices jumped by double digits, according to figures collected by the Farmington Hills real estate information firm Realcomp II Ltd.
The total number of sales in the 10-county region fell 2.5 percent from 5,606 in March 2012 to 5,468 in March 2013. The median sale price, though, rocketed 23 percent, from $69,900 to $86,000.
The inventory of homes available for sale was down 22 percent year over year, from 26,317 a year ago to 20,488 this year.
For the first quarter, sales were down 0.5 percent, from 14,838 in the first quarter of 2012 to 14,765 i nthe first quarter of 2013. The median sale price for the quarter was up 27.9 percent, from $64,133 a year ago to $82,030 in 2013.
By county and other submarkets, sales were as follows in March:
Detroit: 357 foreclosure sales, down 7.3 percent from 385 a year earlier. 198 non-foreclousre sales, up 10.6 percent from 179 a year earlier. Median sale price on foreclosure sales, $6,750, up 3.8 percent from $6,500 a year earlier. Median sale price on non-foreclosure sales, $13,500, up 12.5 percent from $12,000 a year earlier.
Dearborn area: 56 foreclosure sales, down 36.4 percent from 88 a year ago. 132 non-foreclosure sales, up 6.5 percent from 124 a year earlier. Median sale price on foreclosure sales, $48,750, up 32.7 percent from $36,750 a year earlier. Median sale price on non-foreclosure sales, $73,500, up 33.6 percent from $55,000 a year earlier.
Genesee County: 170 foreclosure sales, down 36.3 percent from 267 a year earlier. 284 non-foreclosure sales, up 24 percent from 229 a year earlier. Median sale price on foreclosure sales, $22,275, down 25.8 percent from $30,000 a year earlier. Median sale price on non-foreclosure sales, $82,000, up 3.8 percent from $79,000 a year earlier.
Grosse Pointes: 9 foreclosure sales, down 35.7 percent from 14 a year earlier. 49 non-foreclosure sales, down 5.8 percent from 52 a year earlier. Median sale price on foreclosure sales, $115,000, up 19.4 percent from $96,312 a year earlier. Median sale price on non-foreclosure sales, $231,000, up 10.7 percent from $208,750 a year earlier.
Huron County: Two foreclosure sales, up from none a year earlier. Seven non-foreclosure sales, down 12.5 percent from eight a year earlier. Median sale price on foreclosure sales, $17,500. Median sale price on non-foreclosure sales, $72,000, up 74.5 percent from $41,250 a year earlier.
Lapeer County: 34 foreclosure sales, down 19 percent from 42 a year earlier. 49 non-foreclosure sales, up 28.9 percent from 38 a year earlier. Median sale price on foreclosure sales, $78,750, up 57.5 percent from $50,000 a year earlier. Median sale price on non-foreclosure sales, $130,000, up 29.1 percent from $100,700 a year earlier.
Livingston County: 39 foreclosure sales, down 45.1 percent from 71 a year earlier. 153 non-foreclosure sales, up 3.4 percent from 148 a year earlier. Median sale price on foreclosure sales, $120,000, up 30.4 percent from $92,000 a year earlier. Median sale price on non-foreclosure sales, $164,900, down 0.1 percent from $165,000 a year earlier.
Macomb County: 319 foreclosure sales, down 28.6 percent from 447 a year earlier. 632 non-foreclosure sales, up 26.1 percent from 501 a year earlier. Median sale price on foreclosure sales, $57,000, up 26.7 percent from $45,000 a year earlier. Median sale price on non-foreclosure sales, $98,500, up 9.4 percent from $90,000 a year earlier.
Oakland County: 401 forclosure sales, down 28.4 percent from 560 a year earlier. 1,052 non-foreclosure sales, up 20 percent from 877 a year earlier. Median sale price on foreclosure sales, $75,000, up 12.1 percent from $66,883 a year earlier. Median sale price on non-foreclosure sales, $175,612, up 13.3 percent from $155,000 a year earlier.
Sanilac County: 12 foreclosure sales, up 71.4 percent from seven a year earlier. Eight non-foreclosure sales, up 700 percent from one a year earlier. Median sale price on foreclosure sales, $35,000, up 40 percent from $25,000 a year earlier. Median sale price on non-foreclosure sales, $80,562, up 54.9 percent from $52,000 a year earlier.
St. Clair County: 54 foreclosure sales, down 6.9 percent from 58 a year earlier. 64 non-foreclosure sales, down 4.5 percent from 67 a year earlier. Median sale price on foreclosure sales, $49,250, up 4.8 percent from $47,000 a year earlier. Median sale price on non-foreclosure sales, $123,755, up 7.6 percent from $115,000 a year earlier.
Tuscola County: Eight foreclosure sales, unchanged from a year earlier. 13 non-foreclosure sales, up 18.2 percent from 11 a year earlier. Median sale price on foreclosure sales, $34,505, up 11.5 percent from $30,950 a year earlier. Median sale price on non-foreclosure sales, $65,000, down 8.5 percent from $71,000 a year earlier.
Wayne County (excluding Detroit): 435 foreclosure sales, down 29.3 percent from 615 a year earlier. 798 non-foreclosure sales, up 17.2 percent from 681 a year earlier. Median sale price on foreclosure sales, $45,000, up 28.6 percent from 35,000 a year earlier. Median sale price on non-foreclosure sales, $90,000, up 2.6 percent from $87,750 a year earlier.
