Metro Detroit Median Home Sales Prices Climb In November

Dated: 12/14/2016

Views: 1887

Metro <a href='https://www.searchingmichiganhomes.com/index.php?types[]=1&types[]=2&areas[]=city:Detroit&beds=0&baths=0&min=0&max=100000000&map=0&quick=1&submit=Search' title='Search Properties in Detroit'>Detroit</a> Median Home Sales Prices Climb In November

Median home and condominium sale prices in November rose by 9.6 percent from the year before as the number of on-market listings continues to fall.


In the four-county region that includes Wayne, Oakland, Macomb and Livingston counties, median sale prices jumped from $146,000 in November 2015 to $160,051, according to a report released Wednesday by Farmington Hills-based Realcomp Ltd. II.


The total number of home and condo sales in the region climbed by 17.3 percent year-over-year, rising from 4,035 to 4,732 last month, according to Realcomp.


Livingston County bested the regional figures in median sale price and home and condo sales increases. Prices increased by 13.9 percent, best in the region, from $208,000 in November 2015 to $236,900 last month. Homes sold rose by 19.6 percent, from 230 to 275 last month, giving it the second-highest percentage increase behind only Wayne County.


In Wayne County, total sales grew by 23.8 percent from 1,338 to 1,656 last month, according to Realcomp. Median sale prices climbed 12.6 percent, good for the second-best increase, from $101,000 to $113,746.


Oakland County home sales and median sale prices grew by 14.2 percent and 11.1 percent, respectively. Total sales climbed from 4,035 to 4,732 last month, while prices increased from $189,000 to $210,000.


Macomb County rounded out the pack with a 12.6 percent increase in home sales, rising from 1,052 to 1,185 last month. Median sale prices rose 10.2 percent, increasing from $134,250 to $148,000 last month, according to Realcomp.


Much of the positive growth can be attributed to a lack of available housing stock. In November 2015, there were 21,559 homes and condos on the market in the four-county region. Last month, there were just 12,520, a 41.9 percent drop. That's causing quick turnaround times for sellers as the average number of days on the market fell from 45 in November 2015 to 39 last month, a 13.3 percent drop.


In October, median home sales prices rose by 9 percent year-over-year and home and condo sales fell by 2.7 percent.


Image title




For more info - Janet and Thomas / 855-Janet-Tom / www.JanetandTom.com


Original post on http://www.crainsdetroit.com/article/20161214/NEWS/161219944/metro-detroit-median-home-sales-prices-climb-in-november 


Blog author image

Janet Hull and Thomas Bush

Janet Hull and Thom....

Want to Advertise on this Site?

Latest Blog Posts

7 Reasons To List Your House For Sale This Holiday Season

Read this full article now .. Click here:  7 Reasons To List Your House For Sale This Holiday SeasonOriginally posted by Janet and Thomas on Our Real Estate New BlogJanet Hull

Read More

How Will Home Sales Measure Up Next Year

Read More Now: https://www.simplifyingthemarket.com/en/2018/11/01/how-will-home-sales-measure-up-next-year/Real Estate with Janet and Thomas /855-Janet-Tomhttps://goo.gl/dMef9m;

Read More

Will Home Prices Continue To Increase

 Monday October 22nd, 2018  Buying Myths, First Time Home Buyers, For Buyers, For Sellers,Housing Market Updates, Move-Up Buyers, Pricing There are many

Read More

What To Expect From A Home Inspection

A home inspection can make or break a transaction. Without it, you wouldn’t know if you’re buying a money pit or a home that will last a lifetime.Homebuyers are responsible for hiring a

Read More