Home Sales Slightly Rebound in City of Detroit and in Macomb and Livingston Counties

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HOME SALES REBOUND SLIGHTLY IN CITY OF DETROIT AND IN LIVINGSTON AND MACOMB COUNTIES

AVERAGE DAYS ON MARKET CONTINUE TO DECREASE OVER 2010

May 2011 Combined Residential & Condo SALES Summary by Area/County

Area: May 2011; May 2010; Percent Change

1. ALL MLS: 5,679; 5,959; 4.7% Down

2. City of Detroit: 667; 651; 2.5% Up

3. Genesee: 490; 506; 3.2% Down

4. Huron: 12; 3; 300% Up

5. Lapeer: 84; 93; 9.7% Down

6. Livingston: 209; 203; 3.0% Up

7. Macomb: 921; 887; 3.8% Up

8. Metro Detroit: 4,528; 4,733; 4.3% Down

9. Oakland: 1,429; 1,616; 11.6% Down

10. Sanilac: 13; 18; 27.8% Down

11. St. Clair: 112; 113; 0.9% Down

12. Tuscola: 25; 21; 19.0% Up

13. Wayne: 1,969; 2,027; 2.9% Down

14. Gr. Wayne: 1,363; 1,408; 3.2% Down

May 2011 Combined Residential & Condo MEDIAN SALE PRICE Summary by Area/County

Area: May 2011; May 2010; Percent Change

1. ALL MLS: $66,850; $76,000; 12.0% Down

2. City of Detroit: $9,500; $9,500; No Change

3. Genesee: $50,000; $52,000; 3.8% Down

4. Huron: $82,350; $67,000; 22.9% Up

5. Lapeer: $65,050; $85,000; 23.5% Down

6. Livingston: $132,500; $141,500; 6.4% Down

7. Macomb: $67,000; $80,000; 16.3% Down

8. Metro Detroit: $65,000; $75,000; 13.3% Down

9. Oakland: $115,000; $120,400; 4.5% Down

10. Sanilac: $42,000; $62,200; 32.5% Down

11. St. Clair: $70,000; $77,500; 9.7% Down

12. Tuscola: $62,000; $45,800; 35.4% Up

13. Wayne: $33,450; $39,000; 14.2% Down

14. Gr. Wayne: $54,000; $65,000; 16.9% Down

Synopsis of Inventory (05-11 vs. 05-10)

• Pending sales (sold, but not yet closed) across the entire MLS were up by 6.7%, from 7,248 last year to 7,733 this year.

• All MLS on-market inventory was at 33,029 units – 4,246 of these are foreclosures, 28,783 of these are NON-foreclosures.

• Inventory continues to decline as compared to 38,344 in May 2010.

• Out of the total on-market inventory, 7,350 of them have been identified as short sales. This compares to 8,959 for the same time last year.

Analysis:

• Overall, short sales that closed in May were up 14.0% from 687 (of 2010) to 783 (of 2011).

• The average Days On Market (DOM) for the entire MLS decreased over the last year by 6 days, from 103 to 97.

Realcomp Shareholder Boards & Associations of REALTORS®:

• DABOR, Dana Holben, EVP, 313-278-2220

• DAR, Sharon Armour, EVP, 313-962-1313

• ETAR, 810-982-6889

• GPBR, Bobbi Sexton, CEO, 313- 882-8000

• LUTAR, 810-664-0271

• LCAR, Barbara Hess, EVP, 810-225-1100

• MCAR, Steve Tschirhart, EVP, 248-879-5730

• NOCBOR, Patricia Jacobs, EVP, 248-674-4080

Notes:

The “ALL MLS” jurisdiction encompasses all listings processed by Realcomp, including those outside of Michigan.

 Metro-Detroit (new) encompasses Oakland, Wayne, Livingston, & Macomb data.

“Greater Wayne County’ represents Wayne County minus the City of Detroit. 

Realcomp II Ltd. Monthly Statistical Summary for May

Area: # of Market Listings (May-11, May-10, Percent Change); # of Foreclosure Sales (May-11, May-10, Percent Change); # of Non-Foreclosure Sales (May-11, May-10, Percent Change); # of Total Sales (Mat-11, May-10, Percent Change)

ALL MLS: 33029, 38344, -13.9%; 2493, 2258, 10.4%; 3,86, 3701, -13.9%; 5679, 5959, -4.7%

Detroit: 3885, 4007, -3.0%; 453, 456, -0.7%; 214, 195, 9.7%; 667, 651, 2.5%

Genesee: 2997, 3481, -13.9%; 244, 78, 212.8%; 246, 428, -42.5%; 490, 506, -3.2%

Huron: 253, 119, 112.6%; 2, 0, 100.0%; 10, 3, 233.3%; 12, 3, 300.0%

Lapeer: 663, 778, -14.8%; 50, 40, 25.0%; 34, 53, -35.8%; 84, 93, -9.7%

Livingston: 1460, 1690, -13.6%; 75, 67, 11.9%; 134, 136, -1.5%; 209, 203, 3.0%

Macomb: 4192, 4769, -12.1%; 419, 356, 17.7%; 502, 531, -5.5%; 921, 887, 3.8%

Metro Detroit: 23974, 28301, -15.3%; 2012, 1963, 2.5%; 2516, 2770, -9.2%; 4528, 4733, -4.3%

Oakland: 8415, 10783, -22.0%; 481, 534, -9.9%; 948, 1082, -12.4%; 1429, 1616, -11.6%

Sanilac: 132, 144, -8.3%; 7, 10, -30.0%; 6, 8, -25.0%; 13, 18, -27.8%

St. Clair: 959, 1077, -11.0%; 52, 47, 10.6%; 60, 66, -9.1%; 112, 113, -0.9%

Tuscola: 264, 329, -19.8%; 8, 11, -27.3%; 17, 10, 70.0%; 25, 21, 19.0%

Wayne: 9907, 11059, -10.4%; 1037, 1006, 3.1%; 932, 1021, -8.7%; 1969, 2027, -2.9%

Gr. Wayne: 6255, 7305, -14.4%; 615, 568, 8.3%; 748, 840, -11.0%; 1363, 1408, -3.2%

Res & Condo MEDIAN PRICES by Area/County

Area: Median Sale Price on Foreclosure Sales (May-11, May-10, Percent Change); Median Sale Price on Non-Foreclosure Sales (May-11, May-10, Percent Change); Median Sale Price on All Sales (May-11, May-10, Percent Change); Average Days on Market for Month Based on Sales (Foreclosures, Non-Foreclosures, All)

ALL MLS: $32000, $35500, -9.9%; $110000, $108175, 1.7%; $66850, $76000, -12.0%; 57, 129, 97

Detroit: $8112, $8000, 1.4%; $13000, $12500, 4.0%; $9500, $9500, 0.0%; 56, 113, 74

Genesee: $25000, $44500, -43.8%; $76450, $54750, 39.6%; $50000, $52000, -3.8%; 61, 143, 102

Huron: $28500, $0, 100.0%; $103850, $67000, 55.0%; $82350, $67000, 22.9%; 22, 289, 244

Lapeer: $45000, $66250, -32.1%; $94500, $97500, -3.1%; $65050, $85000, -23.5%; 64, 144, 96

Livingston: $92001, $112000, -17.9%; $163000, $156750, 4.0%; $132500, $141500, -6.4%; 59, 149, 117

Macomb: $40280, $45694, -11.8%; $87000, $105000, -17.1%; $67000, $80000, -16.3%; 50, 126, 91

Metro Detroit: $31150, $33250, -6.3%; $105000, $111750, -6.0%; $65000, $75000, -13.3%; 56, 128, 96

Oakland: $57000, $63000, -9.5%; $153950, $145000, 6.2%; $115000, $120400, -4.5%; 57, 139, 111

Sanilac: $45000, $37400, 20.3%; $40250, $88750, -54.6%; $42000, $62200, -32.5%; 91, 195, 139

St. Clair: $36750, $50000, -26.5%; $125500, $102450, 22.5%; $70000, $77500, -9.7%; 57, 191, 129

Tuscola: $28000, $33300, -15.9%; $71000, $80500, -11.8%; $62000, $45800, 35.4%; 84, 173, 145

Wayne: $18000, $19000, -5.3%; $65750, $75400, -12.8%; $33450, $39000, -14.2%; 57, 116, 85

Gr. Wayne: $32000, $35500, -9.9%; $82500, $90500, -8.8%; $54000, $65000, -16.9%; 58, 117, 90

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