Michigan Home Sales Post Double Digit Gain in May

July 9, 2012 (Shirley Allen)

The spring/summer selling season kicked into high gear in Michigan during May as monthly sales of existing single-family homes and condominiums posted double digit gains following a flat April according to the latest housing data from the Michigan Association of Realtors® (MAR).

An estimated total of 11,516 existing single-family homes and condos were sold in the Great Lakes State in May. That was 13.6 percent higher than the 10,136 homes sold in April and 18.6 percent higher than the 9,713 homes sold in May 2011.

The average sales price for an existing home in Michigan increased by 7.2 percent in May to $111,535, up from $104,058 in April, and was 9.1 percent higher than the median price of $102,249 in May of last year.

Of the 41 boards and counties that provide data for the monthly report, thirty-four reported gains in home sales or were unchanged over the previous year with Sanilac (+76.9%), Southwestern Michigan (+61.2%), Central Michigan (+47.1%), Huron (+46.9%) and Monroe County (+46.9%) reporting the largest increases.

Shiawassee (-61.3%), Detroit (-18.0%), Huron County (-16.7%), and Bay County (-6.0%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 1,717 home sales, up from 1,448 the previous month, while Greater Wayne County followed with an estimated 1,490 home sales for the month, up from 1,291 in April.

Year-over-year, thirty boards and counties posted an increase in their average prices led by Hillsdale (+68.0%), Lenawee (+39.7%), Sanilac (+35.3%), the Mason-Oceana-Manistee area (+34.2%), and West Michigan Lakeshore (+26.9%).

Clare-Gladwin (-16.2%), Central Michigan (-10.9%), Water wonderland (-10.3%), St. Joseph (-7.8%), and Greater Kalamazoo (-7.8%) posted the largest declines in year-over-year average home prices.

Through the end of May, home sales in Michigan were 10.4 percent higher than they were at the same time last year.

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

Source:
MAR