Real Estate Sales Resume Climb, Prices Continue Zoom
FARMINGTON HILLS -- The pace of residential real estate sales in metro Detroit resumed its increase in April from year-ago levels, while prices continue to skyrocket, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.
Sales in the 10-county area were up 6.8 percent to 5,799 homes and condominiums from 5,429 in April 2012.
Double-digit sales increases were reported in Livingston County (up almost 42 percent), Tuscola County (up 30 percent), St. Clair County (up 21 percent), the Grosse Pointes (up 17 percent). Double-digit sales declines were reported in the Dearborn area (down 19.6 percent, due to a huge drop in foreclosure sales) and Huron County (down 53.8 percent).
In an encouraging sign for sellers, the number of homes and condos on the market tumbled 21.7 percent from 26,896 in April 2012 to 21,054 in April of this year. And the average time it took to sell a home fell by two weeks, from 87 days to 73.
The region's average home sale price jumped 35 percent from a year earlier to $97,165, from $72,000 a year earlier. Double-digit price increases were reported in the Grosse Pointes (up 55 percent), Oakland County (up 35 percent), Lapeer County (up 32 percent), Wayne County (up 31 percent), Macomb County (up 27 percent), Dearborn/Dearborn Heights (up 17 percent); and St. Clair County (up 15 percent).
By county and submarket sales were as follows:
Detroit (includes Hamtramck, Harper Woods and Highland Park): 357 foreclosure sales, up 4.1 percent from 343 a year earlier. 215 non-foreclosure sales, up 9.7 percent from 196 a year earlier. Median sale price on foreclosure sales, $7,745, up 9.1 percent from $7,100 a year earlier. Median sale price on non-foreclosure sales, $13,000, down 13.3 percent from $15,000 a year earlier.
Dearborn/Dearborn Heights: 45 foreclosure sales, down 48.3 percent from 87 a year earlier. 127 non-foreclosure sales, unchanged from a year earlier. Median sale price on foreclosure sales, $42,000, up 52.7 percent from $27,500 a year earlier. Median sale price on non-foreclosure sales, $75,000, up 7.1 percent from $70,000 a year earlier.
Genesee County: 166 foreclosure sales, down 21.3 percent from 211 a year earlier. 306 non-foreclosure sales, up 33.6 percent from 229 a year earlier. Median sale price on foreclosure sales, $25,000, down 16.7 percent from $30,000 a year earlier. Median sale price on non-foreclosure sales, $88,655, up 3.1 percent from $86,000 a year earlier.
Grosse Pointes: 11 foreclosure sales, down 26.7 percent from 15 a year earlier. 44 non-foreclosure sales, up 37.5 percent from 32 a year earlier. Median sale price on foreclosure sales, $80,173, down 10.9 percent from $90,000 a year earlier. Median sale price on non-foreclosure sales, $215,500, up 23.9 percent from $174,000 a year earlier.
Huron County: No foreclosure sales, down from two a year earlier. Six non-foreclosure sales, down 45.5 percent from 11 a year earlier. Median sale price on foreclosure sales a year earlier, $60,950. Median sale price on non-foreclosure sales, $52,000, down 30.6 percent from $74,900 a year earlier.
Lapeer County: 33 foreclosure sales, down 29.8 percent from 47 a year earlier. 49 non-foreclosure sales, up 53.1 percent from 32 a year earlier. Median sale price on foreclosure sales, $73,000, up 27 percent from $57,500 a year earlier. Median sale price on non-foreclosure sales, $140,000, down 4.7 percent from $146,950 a year earlier.
Livingston County: 60 foreclosure sales, up 7.1 percent from 56 a year earlier. 198 foreclosure sales, up 57.1 percent from 126 a year earlier. Median sale price on foreclosure sales, $131,000, up 7.3 percent from $122,050 a year earlier. Median sale price on non-foreclosure sales, $175,250, up 3.1 percent from $170,000 a year earlier.
Macomb County: 298 foreclosure sales, down 27.8 percent from 413 a year earlier. 699 non-foreclosure sales, up 37.3 percent from 509 a year earlier. Median sale price on foreclosure sales, $58,900, up 28 percent from $46,080 a year earlier. Median sale price on non-foreclosure sales, $109,900, up 9.9 percent from $100,000 a year earlier.
Oakland County: 354 foreclosure sale, down 31.7 percent from 518 million a year earlier. 1,148 non-foreclosure sales, up 23.4 percent from 930 a year earlier. Median sale price on foreclosure sales, $86,409, up 50.7 percent from $57,350 a year earlier. Median sale price on non-foreclosure sales, $176,250, up 9.6 percent from $160,885 a year earlier.
Sanilac County: Nine foreclosure sales, up 125 percent from four a year earlier. 12 non-foreclosure sales, up 140 percent from five a year earlier. Median sale price on foreclosure sales, $22,500, up 40.2 percnet from $16,050 a year earlier. Median sale price on non-foreclosure sales, $51,950, down 39.9 pecnet from $86,500 a year earlier.
St. Clair County: 36 foreclosure sales, down 2.7 percent from 37 a year earlier. 79 non-foreclosure sales, up from 58 a year earlier. Median sale price on foreclosure sales, $59,972, up 49.9 percent from $40,000 a year earlier. Median sale price on non-foreclosure sales, $123,000, down 4.3 percent from $128,500 a year earlier.
Tuscola County: Nine foreclosure sales, down 10 percent from 10 a year earlier. 21 non-foreclosure sales, up 61.5 percent from 13 a year earlier. Median sale price of foreclosure sales, $36,000, down 9.9 percent from $39,950 a year earlier. Median sale price on non-foreclosure sales, $84,000, up 29.2 percnet from $65,000 a year earlier.
Wayne County (except for Detroit): 437 foreclosure sales, down 22.1 percent from 561 a year earlier. 886 non-foreclosure sales, up 21.4 percent from 730 a year earlier. Median sale price on foreclosure sales, $45,000, up 25 percent from $36,000 a year ago. Median sale price on non-foreclosure sales, $97,082, up 14.4 percent from $84,850 a year earlier.
