Region's Home Sales Dip In Sept., But Prices Up Sharply
FARMINGTON HILLS (WWJ) -- Metro Detroit home sales were down in September compared to a year earlier. It's the first such year-over-year decline in a year, and came as a result of a sharp drop in foreclosure sales, according to stats released by Farmington Hills-based Realcomp II Ltd.
The median sale price was up 17 percent overall in metro Detroit, with Macomb and Livingston counties seeing a 10 percent increase, and Oakland County leading the way with a nearly 30 percent increase in price over September 2011.
Average days on the market for homes in the 10-county region declined by a full two weeks, from 90 to 76 days. The number of homes on the market plunged 15.6 percent to 26,023 from 30,842 a year earlier.
Total sales in the region were 5,684, down o.6 percent from 5,720 a year earlier. Foreclosure sales totaled 1,891, down 10.2 percent from 2,105 a year earlier. Non-foreclosure sales were 3,793, up 4.9 percent from 3,615 a year earlier. The median sale price on all sales was $89,500, up 19.3 percent from $75,000 a year earlier. The median sale price on foreclosure homes in the region was $40,000, up 12.7 percent from $35,500 a year earlier. The median sale price on non-foreclosure sales was $89,500, up 19.3 percnet from $75,000 a year earlier.
By sub-region, sales and prices were as follows:
Detroit: 285 foreclosure sales, down 5.9 percent from 303 a year earlier. 194 non-foreclosure sales, up 2.6 percent from 289 a year earlier. Median sale price on foreclosure sales, $8,000, down 1.2 percent from $8,100 a year earlier. Median sale price on non-foreclosure sales, $14,125, up 0.9 percent from $14,000 a year earlier.
Genesee County: 194 foreclosure sales, down 6.3 percent from 207 a year earlier. 257 non-foreclosure sales, up 10.3 percnet from 233 a year earlier. Median sale price on foreclosure sales, $24,000, down 14.3 percent from $28,000 a year earlier. Median sale price on non-foreclosure sales, $94,000, up 4.4 percent from $89,999 a year earlier.
Huron County: no foreclosure sales, down from two last year. Nine non-foreclosure sales, down 60 percent from 15 a year earlier. Median price on non-foreclosure sales, $93,000, up 26.5 percent from $73,500 a year earlier.
Lapeer County: 41 foreclosure sales, up 28.1 percent from 32 a year earlier. 48 non-foreclosure sales, down 7.7 percent from 52 a year earlier. Median sale price on foreclosure sales, $62,000, up 17 percent from $53,000 a year earlier. Median sale price on non-foreclosure sales, $123,500, up 12.8 percent from $109,500 a year earlier.
Livingston County: 61 foreclosure sales, down 20.8 percent from 77 a year earlier. 167 non-foreclosure sales, down 5.6 percent from 177 a year earlier. Median sale price on foreclosure sales, $95,000, down 0.5 percent from $95,500 a year earlier. Median sale price on non-foreclosure sales, $175,000, up 9.4 percent from $160,000 a year earlier.
Macomb County: 336 foreclosure sales, down 3.2 percent from 347 a year earlier. 632 non-foreclosure sales, up 8.4 percent from 583 a year earlier. Median sale price on foreclosure sales, $49,900, up 12.1 percent from $44,500 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 8.7 percent from $91,965 a year earlier.
Oakland County: 376 foreclosure sales, down 20 percent from 470 a year earlier. 1,117 non-foreclosure sales, up 0.6 percent from 1,110 a year earlier. Median sale price on foreclosure sales, $69,000, up 25.5 percetn from $55,000 a year earlier. Median sale price on non-foreclosure sales, $175,000, up 18.6 percent from $147,500 a year earlier.
Sanilac County: Nine foreclosure sales, up 125 percent from four a year earlier. 12 non-foreclosure sales, up 20 percent from 10 a year earlier. Median sale price on foreclosure sales, $35,000, up 35.1 percent from $25,900 a year earlier. Median sale price on non-foreclosure sales, $71,500, down 44.4 percent from $238,500 a year earlier.
St. Clair County: 42 foreclosure sales, up 2.4 percent from 41 a year earlier. 75 non-foreclosure sales, up 19 percent from 63 a year earlier. Median sale price on foreclosure sales, $59,000, up 32.3 percent from $44,600 a year earlier. Median sale price on non-foreclosure sales, $106,000, up 17.8 percent from $90,000 a year earlier.
Tuscola County: 11 foreclosure sales, up 57.1 percent from seven a year earlier. 13 non-foreclosure sales, down 23.5 percent from 17 a year earlier. Median sale price on foreclosure sales, $25,000, down 28.4 percent from $34,900 a year earlier. Median sale price on non-foreclosure homes, $68,000, down 21.8 percent from $87,000 a year earlier.
Wayne County, Excluding Detroit: 438 foreclosure sales, down 10.2 percent from 488 a year earlier. 935 non-foreclosure sales, down 6.4 percent from 879 a year earlier. Median sale price on foreclosure sales, $37,500, up 11.9 percent from $33,500 a year earlier. Median sale price on non-foreclosure sales, $99,000, up 23.8 percent from $80,000 a year earlier.
