Oakland County Real Estate is a Seller's Market
The median sale price of a home or condo was up in September from the same month last year by 28.7 percent, according to figures released Monday by Farmington Hills-based Realcomp.
Metro Detroit home sales were down slightly in September for the first time in a year, but prices continue to climb, according to figures released Monday by Farmington Hills-based Realcomp.
The good news is the median sale price of a home or condo in Metro Detroit was up in September from the same month last year by 17.3 percent. Oakland County led the way with a 28.7 percent increase, followed by Wayne County with a 14.9 percent increase and Macomb and Livingston with increases of 11.1 and 10 percent, respectively.
Realcomp defines Metro Detroit as Oakland, Wayne, Livingston and Macomb counties.
Oakland County Realtor Dana Cooper of Max Broock told Patch it has become a seller's market.
"There have been way more buyers in the marketplace because the interest rates are so low," she said, adding that inventory is limited. Many sellers who bought at the height of the market are squeamish about listing their homes because they fear they won't get what they owe, Cooper explained.
She said that based on Max Broock data from the past month, for homes that are priced correctly and in good condition, 30 percent of sales are for more than list price and 55 percent are within 94 percent of list price.
Realcomp: September Oakland County Real Estate By The Numbers
- Listings: In 2012, there were 6,005 residential and condos listed for sale, compared to 7,743 in 2011, which resulted in a 22.4 percent decrease in properties on the market.
- The number of foreclosure sales dropped significantly, 20 percent, with 376 in 2012 and 470 in 2011.
- The number of non-foreclosure sales increased slightly, about 0.6 percent, from 1,110 in 2011 to 1,117 in 2012.
- There was a 5.5 percent decrease in homes sold. In September 2012, 1,493 homes sold, compared to 1,580 in 2011.
- The median sale price for foreclosures has increased by 25.5 percent, going from $55,000 in 2011 to $69,000 in 2012.
- The median nonforeclosure home was sold for $175,000 in 2012 compared to $147,500 in 2011, an 18.6 percent increase.
- The median prices of all sales was $148,000 in 2012 versus $115,000, a 28.7 percent increase.
- 82 is the average amount of days a home that was sold in September 2012 spent on the market.
For more information, visit realcomp.com.