Home sales across metro Detroit increased by nearly 5 percent last year when compared to 2014, while the average median sale priced jumped more than 10 percent to nearly $150,000, says a yearly report released today from Realcomp II in Farmington Hills.
“You’re seeing more and more people starting to have more confidence in the economy, specifically the real estate market,” says Chris Courtney, a member of Realcomp’s board of governors. “The stock market lately is not a good sign but the real estate market is getting stronger in Michigan. I think more people are getting off the fence and getting back into real estate market.”
In Oakland County, home sales rose more than 8 percent in 2015 compared year over year, while the average median sale price increased 7 percent to nearly $198,000.
Macomb County home sales rose 7 percent in 2015 when compared to 2014, and home prices increased nearly 9 percent to nearly $133,000.
In Livingston County, units sold in 2015 jumped more than 6 percent compared to 2014, and sale prices also increased about 6 percent to about $210,000.
Wayne County saw home sales stay relatively flat in 2015 compared year over year, while home sale prices jumped more than 23 percent to about $102,000.
Realcomp, a multiple listing service, also released its latest monthly report for December 2015. Sales rose nearly 8 percent in metro Detroit compared to December 2014, while home sale prices increased nearly 9 percent to $150,000.
“I think December was helped by a couple of things — the weather this year was obviously a lot different than it was last year and got more people out and about so that kept the market hanging in there strong,” Courtney says. “The threat and eventual raise in interest rates helped to get people off that fence. For the longest time, I think people were just waiting (on interest rate change) and when they finally went up a little bit, I think the shock factor set in.. and then they decided to get into the marketplace.”
In Oakland County, home sales jumped nearly 12 percent to about 1,600 units sold in December compared year over year, and home sale prices increased nearly 7 percent to $200,000.
Macomb County home sales increased nearly 9 percent in December compared to December 2014, and median home sale prices rose 8 percent to $135,000.
In Livingston County, units sold in 2015 rose 3 percent to 258 homes in December compared year over year, while sale prices increased about 2 percent to $215,000.
Wayne County saw home sales increase more than 3 percent to nearly 1,500 units sold in December compared year over year, and sale prices also jumped nearly 15 percent to just under an average of $100,000.
“I predict 2016 to be as good, if not a better year, compared to 2015,” Courtney says. “We’re starting to get back into a normal economic situation with interest rates can fluctuate. I think you’ll see more and more people start to get into the marketplace.”