March Real Estate Sales, Prices Up Across Metro Detroit
FARMINGTON HILLS -- Is this the beginning of the turnaround for the Detroit-area real estate market?
Well, it's only one month, so we'll see. But the Farmington Hills real estate information firm Realcomp II Ltd. reported Monday that March real estate sales around Detroit rose 5.9 percent from a year earlier, while the median price rose 16.5 percent.
Encouragingly, non-foreclosure sales rose faster than foreclosure sales -- up 10 percent and up 1.6 percent respectively.
The average days on market for real estate in the area also continued its decline, down nine days from a year earlier to 88 days. And inventory declined 18.6 percent to 26,317 homes on the market, down from 32,317 a year earlier.
Of the sales in March, 12.9 percent or 725 were identified as short sales. And half of all sales in the month were identified as cash sales.
By sub-market, sales and price information were as follows:
City of Detroit: 385 foreclosure sales, down 8.6 percent from 421 a year earlier. 179 non-foreclosure sales, down 21.5 percent from 228 a year earlier. Median sale price on foreclosure sales, $6,500, down 12.9 percent from $7,460 a year earlier. Median sale price on non-foreclosure sales, $12,000, unchanged from a year earlier.
Genesee County: 267 foreclosure sales, up 36.2 percent from 196 a year earlier. 229 non-foreclosure sales, up 24.5 percent from 184 a year earlier. Median sale price on foreclosure sales, $30,000, up 13 percent from $26,558 a year earlier. Median sale price on non-foreclosure sales, $79,000, up 28.8 percent from $61,350 a year earlier.
Huron County: no foreclosure sales, down from 1 a year earlier. Eight non-foreclosure sales, up 33.3 percent from six a year earlier. Median sale price on non-foreclosure sales, $41,250, down 38.7 percent from $67,250 a year earlier.
Lapeer County: 42 foreclosure sales, down 14.3 percent from 49 a year earlier. 38 non-foreclosure sales, up 58.3 percnet from 24 a year earlier. Median sale price on foreclosure sales, $50,000, down 34.4 percent from $76,217 a year earlier. Median sale price on non-foreclosure sales, $100,700, up 8.9 percent from $92,500 a year earlier.
Livingston County: 71 foreclosure sales, down 18.4 percent from 87 a year earlier. 148 non-foreclosure sales, up 33.3 percent from 111 a year earlier. Median sale price on foreclosure sales, $92,000, up 2.2 percent from $90,000 a year earlier. Median sale price on non-foreclosure sales, $165,000, up 1.2 percent from $163,000 a year earlier.
Macomb County: 447 foreclosure sales, up 3.5 percent from 432 a year earlier. 501 non-foreclosure sales, up 4.4 percent from 480 a year earlier. Median sale price on foreclosure sales, $45,000, up 9.8 percent from $41,000 a year earlier. Median sale price on non-foreclosure sales, $90,000, up 6.2 percent from $84,750 a year earlier.
Oakland County: 560 foreclosure sales, down 8.6 percent from 613 a year earlier. 877 non-foreclosure sales, up 9.2 percent from 803 a year earlier. Median sale price on foreclosure sales, $66,883, up 13.4 percnet from $59,000 a year earlier. Median sale price on non-foreclosure sales, $155,000, up 10.7 percent from $140,000 a year earlier.
Sanliac County: Seven foreclosure sales, up 40 percent from five a year earlier. One non-foreclosure sale, down 50 percent from two a year earlier. Median sale price on foreclosure sales, $25,000, down 21.9 percent from $32,000 a year earlier. Median sale price on non-foreclosure sales, $52,000, down 5.5 percent from $55,000 a year earlier.
St. Clair County: 58 foreclosure sales, up 100 percent from 29 a year earlier. 67 non-foreclosure sales, up 42.6 percent from 47 a year earlier. Median sale price on foreclosure sales, $47,000, unchanged from a year earlier. Median sale price on non-foreclosure sales, $115,000, up 21.1 percent from $95,000 a year earlier.
Tuscola County: Eight foreclosure sales, unchanged from a year earlier. 11 non-foreclosure sales, up 174 percent from four a year earlier. Median sale price on foreclosure sales, $30,950, down 5.7 percent from $32,827 a year earlier. Median sale price on non-foreclosure sales, $71,000, up 73.6 percnet from $40,900 a year earlier.
Wayne County (excluding Detroit): 615 foreclosure sales, up 2.7 percent from 599 a year earlier. 681 non-foreclosure sales, up 3 percent from 661 a year earlier. Median sale price on foreclosure sales, $35,000, up 6 percent from $33,010 a year earlier. Median sale price on non-foreclosure sales, $87,750, up 20.2 percent from $73,000 a year earlier.
More at www.realcomp.com.
