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Sales Up Again, Prices Lower

Monday, March 9, 2009
Metro Detroit real estate: sales up again, prices even lower
Nathan Hurst / The Detroit News
Metro Detroit's real estate dichotomy of rising sales and falling prices continued again in February, according to numbers released Monday by Farmington Hills-based Realcomp, a multiple listings service.
Sales throughout the region surged 16.5 percent this February compared with the same month last year, up to 4,182 homes from 3,591 last February. At the same time, the median sales price in the area fell by nearly half, to $43,000 last month from $85,000 in February of last year.
That was driven heavily by foreclosure sales, which made up 56.3 percent of all transactions last month.
• In Wayne County, sales increased 18.4 percent to 1,753 homes in February from 1,481 the same month in 2008. The median sales price fell to $16,000, down 43.9 percent from the $28,500 seen last February.
• Sales in Oakland County increased 12.3 percent last month to 919 sales, up from 818 last February. The median price fell 46 percent to $77,700 from $144,000 seen last year.
• Macomb County sales grew by 19.3 percent to 576 transactions last month, up from 483 last February. There, sales prices fell an average of 44.6 percent to a median of $63,750 last month from $115,000 a year earlier.
• Livingston County is now the only area in the region where the median sales price for a home is above $100,000. Last month, the average home sold for $132,000, down 23.3 percent from February 2008. Sales were up 27.9 percent in Livingston, to 133 homes last month from 104 the same month a year earlier.
You can reach Nathan Hurst at (313) 222-2293 or nhurst@detnews.com.



Eva Morrow
Associate Broker
Max Broock Realtors
Eva@EvaMorrow.Com
www.MichiganHomes.Net
www.OaklandCountyRealEstateNews.Com
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248.644.6700 Ext. 160 Office

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