Livingston County Real Estate is a Seller's Market
The median sale price of a home or condo was up in September from the same month last year by 28.7 percent, according to figures released Monday by Farmington Hills-based Realcomp.
Metro Detroit home sales were down slightly in September for the first time in a year, but prices continue to climb, according to figures released Monday by Farmington Hills-based Realcomp.
The good news is the median sale price of a home or condo in Metro Detroit was up in September from the same month last year by 17.3 percent. Oakland County led the way with a 28.7 percent increase, followed by Wayne County with a 14.9 percent increase and Macomb and Livingston with increases of 11.1 and 10 percent, respectively.
Realcomp defines Metro Detroit as Oakland, Wayne, Livingston and Macomb counties.
Brighton Realtor Scott Bohlen of Preview Properties said it is a seller's market.
"My opinion is we're starting to see the effects of low inventory - there's really not a lot out there for sale," Bohlen said. "And when I say not a lot out there, I mean there's a number of properties, but thenumber of properties that are in move-in condition, that are priced at market value is very small. And those properties sell in a week and lots of times with multiple offers."
Bohlen said that the housing market is very strong because there's a demand for houses, a lot of buyers and interest rates are very low.
Realcomp: September Livingston County Real Estate By The Numbers
- Listings: In 2012, there were 1,248 residential and condos listed for sale, compared to 1,305 in 2011, which resulted in a 4.4 percent decrease in properties on the market.
- The number of foreclosure sales dropped significantly, 20.8 percent, with 61 in 2012 and 77 in 2011.
- The number of non-foreclosure sales dropped slightly, about 5.6 percent, from 177 in 2011 to 167 in 2012.
- There was a 10.2 percent decrease in homes sold. In September 2012, 228 homes sold, compared to 254 in 2011.
- The median sale price for foreclosures has dropped by .5 percent, going from $95,500 in 2011 to $95,000 in 2012.
- The median nonforeclosure home was sold for $175,000 in 2012 compared to $160,500 in 2011, an 9.4 percent increase.
- The median prices of all sales was $159,450 in 2012 versus $145,000, a 10 percent increase.
- 85 is the average amount of days a home that was sold in September 2012 spent on the market.
For more information, visit realcomp.com.