Michigan Home Sales Jump in March, Home Prices Edge Higher

May 10, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums jumped over 20 percent from February to March in Michigan while home prices edged up from both the previous month and the previous year according to the latest housing data from the Michigan Association of Realtors® (MAR).

An estimated total of 10,065 existing single-family homes and condos were sold in the Great Lakes State in March. That was 21.5 percent higher than the 8,284 homes sold in February and 7.2 percent higher than the 9,388 homes sold in March 2011.

The average sales price for an existing home in Michigan increased by 3.6 percent in March to $95,595, up from $92,266 in February, and was 3.1 percent higher than the median price of $92,752 in March of last year.

Of the 41 locals/counties that provide data for the monthly report, thirty-three reported gains in home sales or were unchanged over the previous year with St. Clair (+64.5%), Tuscola (+58.3%), Central Michigan (+56.25%), Clare-Gladwin (+47.8%) and the Eastern U.P. Board (+46.2%) reporting the largest increases.

Hillsdale (-64.1%), Shiawassee (-53.2%), Detroit (-13.1%), Midland (-6.67%) and Emmet (-6.0%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 1,437 home sales, up from 1,207 the previous month, while Greater Wayne County followed with an estimated 1,296 home sales for the month, up from 1,152 in February.

Year-over-year, 24 locals/counties posted an increase in their average prices led by St. Joseph (+99.0%), Northeastern Michigan (+49.3%), Branch County (+43.9%), Tuscola (+32.8%), and Central Michigan (+29.9%).

Sanilac (-30.6%), Antrim Charlevoix Kalkaska (-29.3%), Hillsdale (-26.91%), Greater Lansing (-26.81%), and Huron (-26.5%) posted the largest declines in year-over-year average home prices.

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

Source:
MAR