Metro Detroit Real Estate Market Stays Red Hot | Waccabuc Real Estate

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.)

http://detroit.cbslocal.com/2013/11/12/metro-detroit-real-estate-market-stays-red-hot/