Metro Detroit home prices up 40%
But number of properties for sale falls 23.6%, leaving a few months' supply in many areas
The median sales price of Metro Detroit homes
and condominiums jumped to $98,250 last month, a 40.4 percent gain from April 2012, according to data released Monday by Farmington Hills-based Realcomp II Ltd.
and condominiums jumped to $98,250 last month, a 40.4 percent gain from April 2012, according to data released Monday by Farmington Hills-based Realcomp II Ltd.
While the inventory of properties for sale plunged 23.6 percent compared with the same period a year ago, the number did improve slightly from March 2013.
There were 14,608 homes and condominiums for sale in Livingston, Macomb, Oakland and Wayne counties last month. That's about 4,500 fewer properties than a year ago. It was an improvement from the previous month, with 218 more properties for sale in April.
Realtors in many communities report they are down to about two- to three-month supply of homes and condos for sale. Analysts say the dwindling supply is helping to drive up prices of properties in solid condition. Sellers of quality homes in a wide range of Metro Detroit neighborhoods often get multiple bids.
homes in a wide range of Metro Detroit neighborhoods often get multiple bids.
April median sales prices in Macomb, Oakland and Wayne counties saw significant increases from a year ago. Oakland's median price climbed to $155,000, a 35.4 percent gain. Wayne jumped to $50,000, a 31.6 improvement. Macomb rose to $92,500, a 27.6 percent rise. Livingston County saw a 9.9 gain, to a median price of $164,900.
The city of Detroit and Highland Park, Hamtramck and Harper Woods saw median home prices rise 10 percent to $9,900. The Grosse Pointes saw median home prices rise 55.2 percent to $200,000 — the biggest jump of any area measured.
prices rise 10 percent to $9,900. The Grosse Pointes saw median home prices rise 55.2 percent to $200,000 — the biggest jump of any area measured.
The number of sales last month in Metro Detroit improved by 6.3 percent, compared with April 2012, when there were 4,616 properties sold.
Home prices still are off dramatically from their peak in 2005-2006, and down more than 20 percent from 2000, according to a recent Federal Reserve Bank of Chicago report. The highest median sales price for Metro Detroit homes was $127,000 in December 2005, according to David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.
The April median price compiled by Realcomp is $28,750 below that peak.
New housing starts are also dramatically down. Michigan had 4,500 new housing starts a month in 2005 at its peak — a figure that fell below 1,000 in 2009 and remained under 1,000 through the end of 2012.
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From The Detroit News: http://www.detroitnews.com/article/20130514/BIZ/305140326#ixzz2TGJ9KVyx
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