Home Sales Improve in Michigan, Prices Fall

March 21, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums improved from January to February in Michigan while home prices edged downward according to the latest housing data from the Michigan Association of Realtors® (MAR).

An estimated total of 8,284 existing single-family homes and condos were sold in the Great Lakes State in February. That was 9.79 percent higher than the 7,545 homes sold in January and 14.34 percent higher than the 7,245 homes sold in February 2011.

The average sales price for an existing home in Michigan fell by 3.77 percent in February to $92,266, down from $95,882 in January and was 2.79 percent lower than the median price of $94,910 in February of last year.

Of the 41 locals/counties that provide data for the monthly report, 31 of the locals/counties reported gains in home sales over the previous year with Sanilac (+90.00%), West Central (+63.04%), Huron (+60.00%), Emmet (+59.09%) and St. Clair (+53.85%) reporting the largest increases.

Shiawassee (-34.21%), Midland (-24.14%), St. Joseph (-21.05%), Eastern U.P (-16.67%) and Midland (-24.14%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 1,207 home sales, up from 1105 the previous month, while Greater Wayne County followed with an estimated 1,152 home sales for the month, up from 1,049 in January.

Year-over-year, 24 locals/counties posted an increase in their average prices led by Sanilac (+69.54%), Central Michigan (+42.06%), Shiawassee (+40.15%), Lapeer (+27.09%), and Jackson (+22.94%).

Branch (-38.61%), Clare-Gladwin (-34.68%), Midland (-33.37%), Northeastern Michigan (-33.10%), and Hillsdale (-28.26%) posted the largest declines in year-over-year average home prices.

Tags: existing homes, condos, sales, median home prices, Michigan

Source:
MAR