Home Sale Rise In Metro Detroit In March
Monthly Report: Home sale rise in Metro Detroit in March
According to the monthly data released by Farmington Hills based firm, Realcomp II Ltd, the sale of properties in Metro Detroit increased in the month of March 2010 as compared to the March 2009 and banks continue to hold the release of foreclosure properties. The President of Realcomp, Karen Kage, informed the inventory of foreclosure homes with banks is falling and more than ten thousand properties are held back by the banks.
The median sale price of properties in the counties in Metro Detroit rose --in the range of 15% to 120% in March 2010 as compared to March 2009.It is assumed that the price of properties in Michigan has bottomed out and now, it will continue to rise but there are other realtors who believe that the expiration of $8,000 federal credits for the first time home buyer helped in the increase of sale of homes .First time home - buyers should get into a contract before April 30, and the closing should take place before June 30.
The real estate market of Michigan suffered a blow earlier than other property markets during the downturn and by the end of 2007, the homes inventory was at 64,000 but now the inventory has reduced to 38,420.In 2009, the number of foreclosures in Michigan was 118,302 and the state was at number eight position in the country for the high number of foreclosures.
The rise in sale also raised the chance of increase in the price of the properties as the inventory continued to reduce. The record shows an increase in the sale of foreclosure homes and in the Metro Detroit, the sale of non-foreclosure homes also increased. In Macomb and Oakland, the sale of non-foreclosure properties was up by 50% and in Wayne County - the sale of non-foreclosure properties was up by 84.1%.
Sale of properties in Metro Detroit region
Metro Detroit region
Overall sale of properties in Metro Detroit area rose by 6.2% in March and the highest sale was registered in Oakland County.
Oakland County
In the month of March, the sale of homes in Oakland County was up by almost 30.6% .The sale was 1,515 in March as compared to 1,160 in the previous year. In Oakland, the median sale price increased by 19% in 2010 as compared to 2009 and now, the median sale price is $105,000.
Macomb County
The sale of properties rose in Macomb County by 21.7% as compared to previous year. The sale was up to 657 from 704 in March 2009 .In Macomb, the median sale price increased by 25% from 2009 to $75,000.
Wayne County
The sale of homes in Wayne County reduced by 10.3 % as compared to previous year .In the month of March the number of houses sold in Wayne County was 2,134 as compared to 2,380 of the previous year. In Wayne, the median sale price of homes was up by 120.3% and the median sale prices rose to $33,050.
Detroit City
The median sale price of homes in Detroit was up by 33% in March as compared to previous year and the numbers of house for sale lowered by 28%.In March 2009, the number of properties on sale were 5,460 and in 2010, the number was only 3,919.
Increase in median sale price and reduction in the number of houses for sale contributed to the low sale of houses in Detroit city, where the sale of properties was down by 31.5% .The number reduced from 1,173 to 804 in the year.
by: Bruce Wills
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