GotApex? Forums - View Single Post - The median price of a home sold in Detroit in December was $7,500

zippyjuan · 03-03-2009, 08:58 PM

The numbers are very confusing. Condos must be doing a ton better than homes because this says that the median residence including condos and homes was $47,000.
http://www.freep.com/article/2009021...SS06/302130004

Quote:

Metro Detroit home sales continued in positive territory for January, but more than half were of foreclosed homes and that dragged the median sales price down by 48.4%.

Home sales rose 25.7% last month to 4,301 from 3,421 in January 2008 for Wayne, Oakland, Macomb and Livingston counties and parts of St. Clair County, according to Realcomp, a multiple-listing service in Farmington Hills.

Realcomp figures come from sales that closed in January as reported by its Realtor members.

Karen S. Kage, CEO of Realcomp, said she was heartened that the inventory of homes on the market fell by 21% compared with January 2008. But there is still more inventory to clear out with foreclosures continuing to come on the market.

And that will keep the median sales price low until things get better.

The median sales price on all residential and condominium sales in metro Detroit fell 48.4% to $47,000 in January compared with $91,000 a year ago. The median home sales price in Detroit was down 39% to $7,000 from $11,500 a year ago.
In Oakland County, the median sales price was $85,000, down 41.4% from $145,000 last January. In Macomb County, the median was $67,500, down 38.4% from $109,500; Wayne County had a median sales price of $17,000, off 51.4% from $35,000; Livingston County was at $135,000, down 24% from $177,900; and St. Clair was at $54,900, down 53.2% from $117,225.

Foreclosures accounted for 2,329 sales of the 4,301 reported in January in metro Detroit.
The number of homes on the market in January fell to 53,815 from 68,174 in January 2008.

Detroit would be a good place to be from, not in.