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

1522

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