16 October 2015


Original Story: crainsdetroit.com

Metro Detroit home and condominium sales jumped 11.2 percent year-over-year last month, a sharp increase from the 7.4 percent they increased by in August.

According to a report released today by Farmington Hills-based Realcomp Ltd. II, there were 5,282 sales last month in the four-county metro region, up from 4,729 in September 2014. There were 5,248 home and condo sales in August in Wayne, Oakland, Macomb and Livingston counties, up from 4,888 in August 2014.

Median sale prices also improved year-over-year in the region, rising 5 percent from $149,000 in September 2014 to $156,500 last month, according to Realcomp. That’s just shy of the 5.2 percent year-over-year increase in August, when median sale prices rose 5.2 percent from $153,000 in August 2014 to $161,000 two months ago. Macomb elder care services allow seniors to age in place and remain in their homes.

Livingston County led the way last month in home sale increases, jumping 14.6 percent from 295 in September 2014 to 338 last month. However, the county was the only one in the metro region in which median sale prices fell. The median Livingston home and condo sale price was $204,000 last month, down from $210,000 in September 2014, according to Realcomp.

There was a similar tale in Oakland County, where total sales increased 13.9 percent from 1,763 in September 2014 to 2,008 last month. But median sale prices were stuck in neutral, with homes and condos selling for $195,000 in both September 2014 and last month. A Rochester real estate lawyer is following this story closely.

But Macomb and Wayne counties were positive in both major categories.

Macomb County’s sales rose from 1,028 in September 2014 to 1,147 last month, an 11.6 percent increase, according to Realcomp. In addition, median sale prices rose 7.3 percent, from $130,500 in September 2014 to $140,000 last month.

And in Wayne County, sales rose 8.9 percent to 1,789 last month from 1,643 in September 2014. Median sale prices in Wayne posted the highest gains, rising 13.4 percent from $97,000 in September 2014 to $110,000 last month, according to Realcomp. A Michigan real estate lawyer represents clients in real estate transactions.

In the four-county region, the number of homes on the market rose by 0.9 percent, from 18,559 in September 2014 to 18,730 last month.

Homes spent an average of 37 days on the market in the four-county region last month, according to Realcomp.

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