Median prices for homes in Southeast Michigan highest in 10 years

Across southeast Michigan, the median sales price for housing hit $146,250 in October, 4.5 percent higher than October a year ago and the highest median October price level in 10 years – up from a low of $67,000 in 2010. Median means half the homes sold for more and half for less.

Median sales figures compiled by Realcomp and made available Thursday vary across the region down to the street level, but it reports housing and condominium activity primarily by county with some smaller areas broken out.

Realcomp defines southeast Michigan as Oakland, Wayne, Macomb, Livingston, Genesee, Lapeer, and St. Clair counties.

MEDIAN PRICES

Across the seven counties, Livingston County had the highest median sales price in October of $216,800, up 1.4 percent from a year ago. The median sales price rose 4.6 percent to $195,000 in Oakland County, 4.7 percent to $157,000 in Lapeer County, 9.3 percent to $139,900 in Macomb County, 3.5 percent to $132,000 in St. Clair County, and 12.1 percent to $108,750 in Genesee County.

In Wayne County, the median sales price rose 6.5 percent to $103,000. But the median sales price in Wayne County excluding Detroit rose 4.6 percent to $115,000.

SALES

In order, there were 1,811 sales in Oakland County in October, 1,691 sales in Wayne County, 1,143 sales in Macomb County, 476 sales in Genesee County, 312 sales in Livingston County, 225 sales in St. Clair County, and 104 sales in Lapeer County.

In other observations from Realcomp:

• The average days on the market fell by one to 46 days.

• The number of houses for sale was virtually unchanged at 25,071 compared to 25,068 a year ago.

• Median October sales prices have risen each year since 2011.

• Across southeast Michigan, the 6,408 sales in October is slightly below the October peak of 6,421 in 2009.

http://www.macombdaily.com/special-news-reports/20151112/median-real-estate-sales-prices-hit-10-year-high-across-southeast-michigan

By Charles Crumm, charlie.crumm@oakpress.com, @crummc on Twitter, Local News Editor Jeff Payne contributed to this report.

Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan.  He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods.  Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce.  You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.