Metro Detroit Real Estate Market Stays Red Hot
FARMINGTON HILLS (WWJ) -- When it comes to housing in metro Detroit, it's once again a seller's market.
New figures from the Farmington Hills real estate data firm Realcomp II Ltd. show home prices skyrocketed 40 percent in October from a year earlier. Sales were up only slightly, though, at an 0.7 percent increase.
The median sale price in the 10-county area surveyed by Realcomp was $124,800, up from $89,000 a year earlier. A total of 6,345 homes changed hands in the month, up from 6,298 in October 2012.
Big price increases were reported in Macomb County (up 46 percent) and Wayne County (up 44 percent). Prices in Dearborn and Dearborn Heights were up 41 percent. Areas reporting relatively modest price increases were Livingston County (up 14.5 percent) and Lapeer County (up 6.1 percent). Average prices actually fell in only one county, 2.2 percent in St. Clair.
The number of homes sold actually fell in some parts of the region -- down 20.1 percent in St. Clair County, down 10.2 percent in Lapeer County, down 9.6 percent in Detroit and the cities of Hamtramck, Highland Park and Harper Woods.
That could actually be because of a lack of inventory -- the number of homes on the market fell almost 11 percent from a year ago, to 22,309 homes listed for sale in the region, down from 25,035 a year earlier. Another sign of a hot market: The number of days a home stayed on the market before selling plunged 22 days from a eyar earlier, to 56 days, from 78. (During the depths of the recession it took over 100 days to sell a home.)
By county and other submarkets identified by Realcomp II, the figures for October were as follows:
Detroit and area (includes Hamtramck, Harper Woods and Highland Park): 246 foreclosure sales, down 23.8 percent from 323 a year earlier. 217 non-foreclosure sales, up 14.8 percent from 189 a year earlier. Median sale price on foreclosure sales, $9,500, up 9.2 percent from $8,700 a year earlier. Median sale price on non-foreclosure sales, $20,000, up 17.6 percent from $17,000 a year earlier.
Dearborn area (includes Dearborn and Dearborn Heights): 33 foreclosure sales, down 56 percent from 75 a year earlier. 158 non-foreclosure sales, up 30.6 percent from 121 a year earlier. Median sale price on foreclosure sales, $62,000, up 56.3 percent from $39,666 a year earlier. Median sale price on non-foreclosure sales, $87,000, up 17.6 percent from $74,000 a year earlier.
Genesee County: 187 foreclosure sales, down 13 percent from 215 a year earlier. 366 non-foreclosure sales, up 15.5 percent from 317 a year earlier. Median sale price on foreclosure sales, $32,000, down 8.6 percent from $35,000 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 17.6 percent from $85,000 a year earlier.
Grosse Pointes (includes Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Pointe Woods and Lake Township): seven foreclosure sales, down 30 percent from 10 a year earlier. 59 non-foreclosure sales, up 18 percent from 50 a year earlier. Median sale price on foreclosure sales, $122,900, up 36.6 percent from $90,000 a year earlier. Median sale price on non-foreclosure sales, $221,250, up 37.9 percent from $160,500 a year ealrier.
Lapeer County: 29 foreclosure sales, down 32.6 percent from 43 a year earlier. 68 non-foreclosure sales, up 4.6 percent from 65 a year earlier. Median sale price on foreclosure sales, $82,000, up 36.7 percent from $60,000 a year earlier. Median sale price on non-foreclosure sales, $137,500, up 10 percent from $125,000 a year earlier.
Livingston County: 40 foreclosure sales, down 35.5 percent from 62 a year earlier. 235 non-foreclosure sales, up 11.9 percnet from 210 a year earlier. Median sale price on foreclosure sales, $136,750, up 20.4 percent from $113,600 a year earlier. Median sale price on non-foreclosure sales, $190,000, up 15.2 percent from $165,000 a year earlier.
Macomb County: 234 foreclosure sales, down 32.2 percnet from 345 a year earlier. 844 non-foreclosure sales, up 16.7 percent from 723 a year earlier. Median sale price on foreclosure sales, $63,750, up 20.5 percent from $52,899 a year earlier. Median sale price on non-foreclosure sales, $133,000, up 26.7 percent from $105,000 a year earlier.
Oakland County: 266 foreclosure sales, down 28.3 percent from 371 a year earlier. 1,521 non-foreclosure sales, up 22.5 percnet from 1,242 a year earlier. Median sale price on foreclosure sales, $97,000, up 25.2 percent from $77,500 a year earlier. Median sale price on non-foreclosure sales, $190,000, up 18.8 percnet from $160,000 a year earlier.
St. Clair County: 39 foreclosure slaes, down 33.9 percent from 59 a year earlier. 88 non-foreclosure sales, down 12 percent from 100 a year earlier. Median sale price on foreclosure sales, $55,026, up 18.3 percent from $46,500 a year earlier. Median sale price on non-foreclosure sales, $123,250, down 3.7 percent from $128,000 a year earlier.
Greater Wayne County (Wayne County minus Detroit and area): 305 foreclosure sales, down 40.1 percent from 509 a year earlier. 1,110 non-foreclosure sales, down 15.9 percnet from 958 a year earlier. Median sale price on foreclosure sales, $51,500, up 28.4 percent from $40,101 a year earlier. Median sale price on non-foreclosure sales, $115,000, up 21.4 percnet from $94,750 a year earlier.
