Region's Real Estate Sales Slip, But Prices Still Surging ? CBS Detroit

FARMINGTON HILLS (WWJ) ? Real estate sales fell 2.8 percent in the 10-county metro Detroit region last month, but prices continued to skyrocket upward, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.

Total sales in the region in June were 6,308, down 2.8 percent from 6,491 in the same month of 2012.

The median sale price in the region, however, jumped 44.7 percent from a year earlier, to $123,000, from $85,000 in June 2012.

The sales decline was felt most strongly in Detroit, Dearborn and Dearborn Heights, Genesee County, and in rural areas like Huron and Sanilac counties.

The biggest price pops, however, came in Dearborn and Dearborn Heights and Genesee County. Also reporting strong price increases were the Grosse Pointes, Lapeer County, Macomb County, Oakland County, and rural Sanilac and Tuscola counties.

Inventory on the market shrank a whopping 28.4 percent, with 19,459 houses for sale in the region in June, down from 27,191 a year earlier. Of that inventory, 7 percent is identified as short sales, and 12.6 percent as foreclosure sales. Average number of days on the market before a home sells also continues to tumble, to 66 days, from 81 days a year earlier.

By county or other sub-market, sales were as follows:

Detroit (includes Hamtramck, Highland Park and Harper Woods): 296 foreclosure sales, down 28.5 percent from 414 a year earlier, 183 non-foreclosure sales, down 3.2 percent from 189 a year earlier. Median sale price on foreclosure ales, $7,701, down 4 percent from $8,025 a year earlier. Median sale price on non-foreclosure sales, $23,000, up 76.9 percnet from $13,000 a year earlier.

Dearborn and Dearborn Heights: 40 foreclosure sales, down 45.9 percent from 74 a year earlier. 123 non-foreclosure sales, down 8.2 percent from 134 a year earlier. Median sale price on foreclosure sales, $57,500, up 36.2 percnet from $42,210 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 44.9 percent from $69,000 a year earlier.

Genesee County: 160 foreclosure sales, down 36.5 percent from 252 a year earlier. 291 non-foreclosure sales, up 9.8 percnet from 265 a year earlier. Median sale price on foreclosure sales, $27,000, up 6.8 percent from $25,287 a year earlier. Median sale price on non-foreclosure sales, $97,000, down 2 percent from $99,000 a year earlier.

Grosse Pointes (includes Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Pointe Woods and Lake Township): Eight foreclosure sales, down 57.9 percent from 19 a year earlier. 74 non-foreclosure sales, up 2.8 percnet from 72 a year earlier. Median sale price on foreclosure sales, $122,500, up 41.5 percent from $86,600 a year earlier. Median sale price on non-foreclosure sales, $230,000, up 34.9 percent from $170,500 a year earlier.

Huron County: No foreclosure sales, down from one a year earlier. 10 non-foreclosure sales, down 41.2 percnet from 17 a year earlier. Median sale price on foreclosure sales, $18,000 a year earlier. Median sale price on non-foreclosure sales, $85,000, unchanged from a year earlier.

Lapeer County, 36 foreclosure sales, down 5.3 percent from 38 a year earlier. 56 non-foreclosure, up 33.3 percent from 42 a year earlier. Median sale price on foreclosure sales, $70,600, up 27.8 percent from $55,250 a year earlier. Median sale price on non-foreclosure sales, $133,150, up 2.4 percent from $130,000 a year earlier.

Livingston County: 46 foreclosure slae, down 23.3 percent from 60 a year earlier. 216 non-foreclosure sales, up 11.9 percent from 193 a year earlier. Median sale price on foreclosure sales, $128,000, up 33.4 percen from $95,950 a year earlier. Median sale price on non-forecloure sales, $197,500, up 12.9 percent from $175,000 a year earlier.

Macomb County: 234 foreclosure sales, down 42.9 percent from 410 a year earlier. 796 non-foreclosure sales, up 18.1 percent from 674 a year earlier. Median sale price on foreclosure sales, $60,000, up 20 percent from $50,000 a year earlier. Median sale price on non-foreclosure sales, $125,000, up 15.6 percent from $108,125 a year earlier.

Oakland County: 293 foreclosure sales, down 38.3 percnet from 475 a year earlier. 1,542 non-foreclosure sales, up 26.6 percent from 1,218 a year earlier. Median sale price on foreclosure sales, $76,159, up 17.2 percent from $65,000 a year earlier. Median sale price on non-foreclosure sales, $199,450, up 15.6 percent from $172,500 a year earlier.

Sanilac County: Six foreclosure sales, down 45.5 percent from 11 a year earlier. Three non-foreclosure sales, down 40 percent from five a year earlier. Median sale price on foreclosure sales, $23,500, up 74 percent from $45,000 a year earlier. Median sale price on non-foreclosure sales, $125,000, up 17.4 percent from $115,000 a year earlier.

St. Clair County: 50 foreclosure sales, down 2 percent from 51 a year earlier. 95 non-foreclosure sales, up 15.9 percent from 82 a year earlier. Median sale price on foreclosure sales, $51,500, up 12 percent from $46,000 a year earlier. Median sale price on non-foreclosure sales, $135,000, up 17.4 percent from $115,000 a year earlier.

Tuscola County: Eight foreclosure sales, down 27.3 percent from 11 a year earlier. 19 non-foreclosure sales, up 216.7 percent from six a year earlier. Median sale price on foreclosure sales, $30,000, up 25.5 percent from $23,900 a year earlier. Median sale price on non-foreclosure sales, $62,000, up 19.8 percent from $51,750 a year earlier.

Wayne County (excluding Detroit): 361 foreclosure sales, down 38.7 percent from 589 a year earlier. 1,015 non-foreclosure sales, up 9.1 percent from 930 a year earlier. Median sale price on foreclosure sales, $47,550, up 26.8 percent from $37,500 a year earlier. Median sale price on non-foreclosure sales, $123,000, up 28.5 percent from $95,750 a year ealrier.

Source: http://detroit.cbslocal.com/2013/07/22/regions-real-estate-sales-slip-but-prices-still-surging/

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