Category: News Briefs Published on Monday, 10 December 2012 14:42 Written by Matt Roush, WWJ
FARMINGTON HILLS — Real estate sales in the Detroit area posted another monthly gain in November compared to November 2011, and prices jumped even faster.
The number of sales in the 10-county region for the month was 5,506 in November, up 7.2 percent from 5,134 in November 2011. And the median sale price was $87,550, up 25.1 percent from $70,000 in the same month a year earlier.
And the sales growth came entirely in non-foreclosure transactions, which grew 18.3 percent to 3,682, from 3,112 a year earlier. Foreclosure sales in the region fell 9.8 percent to 1,824 from 2,022 a year earlier.
Homes are also selling faster, with the average days a home spent on the market before selling falling to 74 in November, from 89 days in November 2011. And the number of homes on the market fell to 23,829, down 18.4 percent from 29,209 a year earlier. Of that inventory, 12.5 percent of homes, or 2,972, are identified as foreclosure sales, and 21 percent, or 4,917, are identified as short sales.
By counties and the city of Detroit within the region, sales for November were as follows:
City of Detroit: 278 foreclosure sales, down 0.7 percent from 280 a year earlier. 175 non-foreclosure sales, down 9.3 percnet from 193 a year earlier. Median sale price on foreclosure sales, $8,375, up 9.7 percent from $7,635 a year earlier. Median sale price on non-foreclosure sales, $14,000, down 12.5 percent from $16,000 a year earlier.
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