Metro Detroit posted record gains for home sales in February, improving 13 percent last month from the same time a year ago, according to a report released today.
The biggest increase in the metro area was in Macomb County, where sales were up 24.3 percent, according to Realcomp, a Farmington Hills multiple listings firm. Wayne and Oakland counties saw increases of 10.1 percent and 8.8 percent, respectively.
“The sales units are up due to lower interest rates,” says Karen S. Kage, CEO of Realcomp. “In addition, 54 percent of sales last month were cash sales, which has to do with lower overall home prices.”
Metro Detroit saw median home prices rise from $54,850 to $58,000, an increase of 5.7 percent.
The biggest increase in the metro area was in Livingston, where prices average $139,000, an increase of 9.9 percent from $126,500 last year.
“Our inventory levels are at an all-time low, and we have just over 26,000 properties available,” says Kage. “That’s a lot lower than we have ever seen, and that’s driving prices.”
Detroit, Hamtramck, Harper Woods, and Highland Park saw the smallest increase in prices, with homes averaging $9,500, up 1.6 percent from last year.
The greatest increase in prices was seen in Sanilac County, with homes averaging $37,000, up 59.1 percent from $23,250 last year. The greatest decline was in Tuscola County, with a median price of $37,500, down from last year’s $69,000.