Median home and condominium sale prices in November rose by 9.6 percent from the year before as the number of on-market listings continues to fall.
In the four-county region that includes Wayne, Oakland, Macomb and Livingston counties, median sale prices jumped from $146,000 in November 2015 to $160,051, according to a report released by Farmington Hills-based Realcomp Ltd. II.
The total number of home and condo sales in the region climbed by 17.3 percent year-over-year, rising from 4,035 to 4,732 last month, according to Realcomp.
Livingston County bested the regional figures in median sale price and home and condo sales increases. Prices increased by 13.9 percent, best in the region, from $208,000 in November 2015 to $236,900 last month. Homes sold rose by 19.6 percent, from 230 to 275 last month, giving it the second-highest percentage increase behind only Wayne County.
In Wayne County, total sales grew by 23.8 percent from 1,338 to 1,656 last month, according to Realcomp. Median sale prices climbed 12.6 percent, good for the second-best increase, from $101,000 to $113,746.
Oakland County home sales and median sale prices grew by 14.2 percent and 11.1 percent, respectively. Total sales climbed from 4,035 to 4,732 last month, while prices increased from $189,000 to $210,000.
Macomb County rounded out the pack with a 12.6 percent increase in home sales, rising from 1,052 to 1,185 last month. Median sale prices rose 10.2 percent, increasing from $134,250 to $148,000 last month, according to Realcomp.
Much of the positive growth can be attributed to a lack of available housing stock. In November 2015, there were 21,559 homes and condos on the market in the four-county region. Last month, there were just 12,520, a 41.9 percent drop. That’s causing quick turnaround times for sellers as the average number of days on the market fell from 45 in November 2015 to 39 last month, a 13.3 percent drop.
In October, median home sales prices rose by 9 percent year-over-year and home and condo sales fell by 2.7 percent.
By KIRK PINHO, Crains Business Detroit
