Home Sales Sag As Foreclosures Fall, But Prices Jump ? CBS Detroit

FARMINGTON HILLS ? The number of home sales in southeast Michigan sagged in February ? due to far fewer foreclosure sales ? but home prices surged, according to figures released Monday by the Farmington Hills real estate research firm Realcomp II Ltd.

Total home and condominium sales in February in the 10-county region were 4,442, down 7.3 percent from 4,793 a year earlier. But the median sale price jumped 34.5 percnet to $80,000 from $59,500 a year earlier.

The price increases were led by Oakland County, up 47 percent, and Wayne County, up 40.6 percent.

The number of homes for sale in the region fell 23.4 percent to 20,421 homes, from 26,670 homes a year earlier. And the median amount of time a home was on the market before its sale continued to fall, from 91 days a year ago to 84 days now.

The number of foreclosure sales across the region tumbled 28.2 percent from 2,297 a year ago to 1,650 this year. The number of non-foreclosure sales rose 11.9 percent from 2,496 a year ago to 2,792 this year.

By county and city submarkets, sales results were as follows:

City of Detroit: 279 foreclosure sales, down 18.7 percent from 343 a year earlier. 122 non-foreclosure sales, up 24.5 percent from 98 a year earlier. Median sale price on foreclosure sales, $9,000, up 13.2 percent from $7,951 a year earlier. Median sale price on non-foreclosure sales, $15,000, up 23.3 percent from $12,175 a year earlier.

Dearborn/Dearborn Heights: 39 foreclosure sales, down 50.6 percent from 79 a year earlier. 122 non-foreclosure sales, up 24.5 percent from 98 a year earlier. Median sale price on foreclosure sales, $45,833, up 27.7 percent from $35,900 a year earlier. Median sale price on non-foreclosure sales, $62,750, up 8.2 percent from $58,000 a year earlier.

Genesee County: 162 foreclosure sales, 32.2 percnet from 239 a year earlier. 188 non-foreclosure sales, up 3.3 percent from 182 a year earlier. Median sale price on foreclosure sales, $20,750, down 13.5 percnet from $24,001 a year earlier. Median sale price on non-foreclosure sales, $74,750, up 6 percent from $70,500 a year earlier.

Grosse Pointes: 17 foreclosure sales, up 54.5 percent from 11 a year earlier. 27 non-foreclosure sales, down 3.6 percent from 28 a year earlier. Median sale price on foreclosure sales, $103,050, up 20.5 percent from $85,500 a year earlier. Median sale price on non-foreclosure sales, $214,000, up 10.9 percent from $193,000 a year earlier.

Huron County: No foreclosure sales, down 100 percent from one a year earlier. 10 non-foreclosure sales, up 42.9 percent from seven a year earlier. Median sale price on non-foreclosure sales, $86,500, up 16.6 percnet from $74,200 a year earlier.

Lapeer County: 28 foreclosure sales, down 28.2 percent from 39 a year earlier. 32 non-foreclosure sales, down 3 percent from 33 a year earlier. Median sale price on foreclosure sales, $81,105, up 41.1 percent from $57,500 a year earlier. Median sales price on non-foreclosure sales, $110,000, down 15.5 percnet from $130,158 a year earlier.

Livingston County: 58 foreclosure sales, down 7.9 percent from 63 a year earlier. 127 non-foreclosure sales, up 27 percent from 100 a year earlier. Median sale price on foreclosure sales, $130,100, up 50.4 percent from $86,500 a year earlier. Median sale price on non-foreclosure sales, $174,900, up 4.3 percnet from $167,750 a year earlier.

Macomb County:?271 foreclosure sales, down 27.3 percent from 373 a year earlier. 515 non-foreclosure sales, up 14.4 percetn from 450 a year earlier. Median sale price on foreclosure sales, $58,000, up 41.5 percent from $48,000 a year earlier. Median sale price on non-foreclosure sales, $97,000, up 11.8 percent from $86,750 a year earlier.

Oakland County: 303 foreclosure sales, down 38.2 percent from 490 a year earlier. 807 non-foreclosure sales, up 12.6 percent from 717 a year earlier. Median sale price on foreclosure sales, $75,500, up 21.8 percent from $62,000 a year earlier. Median sale price on non-foreclosure sales, $165,000, up 35.2 percent from $122,000 a year earlier.

Sanilac County: Three foreclosure sales, down 76.9 percent from 13 a year earlier. Two non-foreclosure sales, down 66.7 percent from six a year earlier. Median sale price on foreclosure sales, $85,146, up 209.6 percent from $27,500 a year earlier. Median sale price on non-foreclosure sales, $106,200, down 0.7 percent from $107,000 a year earlier.

St. Clair County: 44 foreclosure sales, down 18.5 percent from 54 a year earlier. 39 non-foreclosure sales, down 15.2 percent from 46 a year earlier. Median sale price on foreclosure sales, $43,805, down 8.6 percent from $47,925 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 0.1 percent from $99,950 a year earlier.

Tuscola County: 10 foreclosure sales, up 400 percent from two a year earlier. 10 non-foreclosure sales, up 11.1 percent from nine a year earlier. Median sale price on foreclosure sales, $22,130, down 42.5 percent from $38,500 a year earlier. Median sale price on non-foreclosure sales, $68,498, up 82.7 percnet from $37,500 a year earlier.

Wayne County, except Detroit: 383 foreclosure sales, down 32.3 percent from 566 a year earlier. 680 non-foreclosure sales, up 16 percent from 586 a year earlier. Median sale price on foreclosure sales, $24,000, up 14.3 percent from $21,000 a year earlier. Median sale price on non-foreclosure sales, $83,000, up 18.6 percent from $70,000 a year earlier.

Source: http://detroit.cbslocal.com/2013/03/11/home-sales-sag-as-foreclosures-fall-but-prices-jump/

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