Home sales were down in September in metro Detroit, for the first time in a year, according to figures released by Farmington Hills-based Realcomp.
But the good news is the average sale price in metro Detroit was up last month by 17 percent with Macomb and Livingston counties seeing a 10 percent increase, and Oakland County leading the way with a nearly 30 percent increase in price.
Macomb County Realtor Chris Taylor of Keller Williams told Patch he has been working hard to educate his clients on the dramatic shift in the real estate market in the past year.
“We have officially shifted to a seller’s market,” said Taylor. “Currently there are around 2,300 properties for sale in Macomb County. At the current rate of sale that's only about 2 2 1/2 months supply. As the demand goes up, and the supply goes down, people are able to command more money for their homes.”
In fact, Taylor said there is a 97 percent rate of sellers getting their asking price in Macomb County, according to MI Realsource.
The "seller's market" concept is holding true for Macomb Township as well, said Jan Calcaterra, associate broker for Real Estate One.
“As long as homes are priced right and if it’s a private owner, they are flying off the shelves,” Calcaterra said. “Sellers can expect multiple offers on homes. There are so many short sales and bank-owned homes, buyers are targeting privately-owned homes because they know they can get it and close fast.”
Calcaterra offered three examples of homes that have sold in the last seven days as proof of this positive trend:
- 4 bedrooms, 2 baths, 2,166 square feet
- Asking Price: $179,900
- Sold Price: $180,000
- Days on Market: 19
45539 Abington Circle
- 3 bedrooms, 1.5 baths, 1,242 square feet
- Asking Price: $46,000
- Sold Price: $56,127
- Days on Market: 5
22227 International Lane
- 3 bedrooms, 2.5 baths, 2,383 square feet
- Asking Price: $249,900
- Sold Price: $249,000
- Days on Market: 10
Realcomp September Macomb Co. Real Estate By The Numbers
- Listings: In September, 2012, there were 3,347 residential and condos listed for sale, compared to 3,942 in 2011, which resulted in a -15 percent decrease in homes on the market.
- The number of foreclosures on the market dropped slightly, -3.2 percent, with 336 in 2012 and 337 in 2011.
- The number of non-foreclosure sales increased about 8 percent with 583 in 2011 to 632 in 2012.
- There was a 4.1 percent increase in Macomb Co. homes for sale. In September 2012, 968 homes sold, compared to 930 in 2011.
- The average sale price for foreclosures has increased by 12.1 percent in Macomb County, going from an average $44,500 in 2011 to $49,900.
- The average non-foreclosure home in Macomb County was sold for $100,000 compared to $91,965, an 8.7 percent increase.
- 65 is the average amount of days a home spent on the market in Macomb County.
- The most expensive property in Macomb County in 2012 was listed at $1,395,000 and sold for $1,020,000.
For more information, visit realcomp.com.