Report: Homes Sales At Highest In 6 Months Across Metro Detroit
DETROIT (CBS DETROIT) - It's a seller's market.
A new report on home sale shows prices are at the highest mark in six months. The price of a home in metro Detroit is up in every metro community according to Realcomp in Farmington Hills.
The most impressive gain is in Wayne County.
Realcomp CEO Karen Cage says Oakland County rose almost 15 percent from last year, from a median sales price of 160,000 to 182,000.
"In Wayne County we have prices up 47 percent from this time last year - last year we were showing a median sale price of $60,000 and this year it's up to $88,200.
Homes in Detroit were a bit more expensive, but fewer were sold this past quarter: Down 33 percent in sales.
The median sale price for homes in all of southeast Michigan rose to $135,000 in March.
For those selling homes, the average days on the market was 60 days in March and more homes came onto the market.
Highlights from the month:
The median sale price for all MLS sales was up 17.4% from $115,000 to $135,000.
- We saw fewer foreclosures: 93 percent of the on market inventory is designated as non-foreclosures and 7 percent is designated as foreclosures. Last year, 89 percent of the on market inventory was designated as non-foreclosures and 11 percent was designated as foreclosures.
March Retrospectives – Based on All MLS Market Activity
- Over the last 10 years, March sales reached a high in 2010 at 5,857.
- Over the last 10 years, March sales reached a low 2007 at 4,749.
- This is the first March for DOM to climb (as compared to the previous March) since 2010.
- Over the last 10 years, the March DOM reached a high in 2007 at 126.
- Over the last 10 years, the March DOM reached a low in 2014 at 59.
- This is the fourth year since 2011 for the March Median Price to increase over the previous year.
- Over the last 10 years, the March Median Price reached a high in 2006 at $144,000.
- Over the last 10 years, the March Median Price reached a low in 2009 at $42,500.
