Metro Detroit Home Sales Jump In October

Category: News Briefs Published on Monday, 12 November 2012 16:19 Written by WWJ

FARMINGTON HILLS — October was another month of solid recovery for the southeast Michigan housing market.

Figures from the Farmington Hills-based real estate information firm Realcomp II Ltd. showed 6,298 home sales in October, up 21.1 percent from 5,199 in October 2011. And the median sale price was also up sharply, to $89,000, up 22.8 percent from $72,500 a year earlier.

Foreclosure sales edged up 2.9 percent in the 10-county region, to 2,080 from 2,021 a year eaerlier. Non-foreclosure sales rose much more significantly, 32.7 percnet, to 4,218, from 3,178 last year. In addition, 755 of the total sales, or 12 percent, were identified as short ales.

The median sale price on foreclosure sales was $43,000, up 16.2 percent from $37,000 a year earlier. The median sale price on non-foreclosure sales was $123,000, up 11.8 percent from $110,000 a year earlier.

The average days on the market for all sales fell by 16 days from a year earlier, from 94 to 78. The number of homes on the market fell by 17 percent from 30,147 in October 2011 to 25,035 in October 2012.

By county, and the city of Detroit, here are the figures for October:

City of Detroit: 323 foreclosure sales, down 3.9 percnet from 336 a year earlier. 189 non-foreclosure sales, up 3.3 percent from 183 a year earlier. Median sale price on foreclosure sales, $8,700, up 7.9 percent from $8,060 a year earlier. Median sale price on non-foreclosure sales, $17,000, up 20.8 percent from $14,078 a year earlier.

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