April data shows continued upward trend in area housing market
Crain’s – Home and condominium sales and median sale prices in Wayne, Oakland, Macomb and Livingston counties continued their year-over-year increase at a steady clip in April, according to Realcomp Ltd. II.
Farmington Hills-based Realcomp Ltd. II said that in the four-county metro region – Wayne, Oakland, Macomb and Livingston counties – home and condo sales increased 11.1 percent last month from 4,004 in April 2015 to 4,449. In addition, median sale prices increased 6.9 percent during that same time period from $145,000 to $155,000.
Livingston County outpaced gains posted in the three other counties in both statistical areas. According to Realcomp:
Livingston sales rose 20.3 percent from 236 in April 2015 to 284 last month. The county had an 8.7 percent increase in home and condo sales prices from $199,950 to $217,250 last month. Macomb County had 1,047 home and condo sales last month, compared to 925 in April 2015, a 13.2 percent gain. There was also a 5.3 percent increase in median sale prices, from $132,000 to $139,050 last month. Oakland County sales increased by 8 percent from 1,448 to 1,564 last month while median sale prices rose 4.6 percent from $196,950 to $206,000 last month. Wayne County home sales increased 11.4 percent to 1,554 from 1,395 in April 2015, and median sale prices moved negligibly upward 0.1 percent from $99,900 to $100,000 last month.
On-market listings fell 11.2 percent in the four-county region from 14,664 to 13,023 last month while homes spent an average of 48 days on the market in the last month, according to Realcomp.
April’s figures continue an upward trend in the local housing market.
Last month, Realcomp reported that total home and condo sales in metro Detroit in March climbed 7.1 percent year-over-year while median sale prices rose 5.7 percent.
By KIRK PINHO, Crain’s Detroit Business
