Metro Detroit single-family home and condominium sales improved in 2015, increasing 4.7 percent from 2014, according to a report from Realcomp II Ltd., while median home and condominium sale prices rose 10.6 percent.
The report showed Oakland County led the way with an 8.3 percent increase in homes and condominiums sold, growing from 18,121 in 2014 to 19,626 in 2015. Macomb County followed closely behind with a 7 percent increase, growing from 10,998 units sold in 2014 to 11,763 in 2015. Livingston County closed out the increases at 6.6 percent, going from 3,111 units in 2014 to 3,315 last year.
Wayne County experienced a 0.4 decrease in 2015 units sold, according to Farmington Hills-based Realcomp. Despite the decrease, Wayne County saw an average median sale price increase of 23.3 percent. The average 2015 sale prices grew from $82,833 the previous year to $102,129.
“The interesting thing is that in 2014 91 percent of the on market inventory was designated as nonforeclosures and 9 percent was designated as foreclosures,” Chris Courtney, owner and president of Remerica Hometown Realtors, said in a news release. “This year, 94 percent of the on market inventory is designated nonforeclosures and 6 percent is foreclosures. People are beginning to realize that we’re in a stable economy and are coming off the fence. I believe these numbers will either stay the same or get better, not worse.”
In addition, the report showed median home and condominium sale prices in Wayne, Oakland, Macomb and Livingston counties rose 10.6 percent, from $134,804 to $149,177 in 2015.
Overall, 53,148 units were sold last year in the four-county region, up 2,406 from 2014.
The December year-over-year numbers also showed an increase, according to Realcomp. Metro Detroit single-family home and condo sales increased 7.5 percent, with median sale prices growing 8.7 percent.
Oakland County saw an 11.6 percent year-over-year single-family home and condominium sale growth in December, the most of all the counties. Livingston and Wayne counties tied for the least growth year-over-year, at 3.2 percent each.
Realcomp’s report showed Wayne County offset low unit sale percent changes with large median sale price jumps. Wayne County’s year-over-year median sale price in December grew 14.9 percent, from $87,000 to $99,950.
Total units on the market totaled 15,294 in 2015, a 3.1 percent increase from 2014. Units spent an average of 44.5 days on the market, a 1.3 percent increase from 43.2 days in 2014.
