Southeast Michigan Housing Market Value Blog

The inventory of homes and condos for sale in Livingston, Macomb, Oakland and Wayne counties grew to 15,202 in May. (David Coates / The Detroit News) The number of Metro Detroit homes and condominiums for sale grew for the first time in five years — an encouraging sign in a market where a dearth of inventory has meant sagging sales and rising prices, according to a monthly report released Monday by Farmington Hills-based RealComp. The inventory of homes and condos for sale in Livingston, Macomb, Oakland and Wayne counties grew to 15,202 in May, which is only 68 more than what was on the market in May 2013, RealComp reports. But it was the first year-over-year increase since May 2009. The average median sales price in May rose to $138,000, a 24.3 percent jump from $111,000 In May 2013. But sales dropped by 8.9 percent, due to lack of inventory, to 4,623 in May. The residential market is far from a full recovery from the Great Recession. In February, the latest data available, a key national housing index showed Metro Detroit was the only of 20 major metropolitan regions where home prices remained below their January 2000 level, according to data from Standard & Poor’s/Case-Shiller Further, the number of new homes built in southeast Michigan since the Great Recession has been far below the 40-year-average of about 10,000 new housing permits a year, according to Home Builders of Southeast Michigan. How the four major Metro Detroit counties fared in May compared to May 2013: Wayne ¦Median sales price: $80,000, a 33 percent improvement. ¦Units sold: 1,688, a 14 percent drop ¦Inventory: 6,133, a 1.3 percent rise. Oakland ¦Median sales price: $193,600, a 17 percent jump. ¦Sales: 1,689, up 3 percent. ¦Inventory: 5,337, a 0.5 percent dip. Macomb ¦Median sales price: $123,000, a 17 percent climb. ¦Sales: 977, a 12 percent decline. ¦Inventory: 2,704, a 3 percent improvement. Livingston ¦Median sales price. $197,950, a 9 percent rise. ¦Sales: 269, up 5 percent. ¦Inventory: 1,025, a 5.9 percent drop. From The Detroit News: http://www.detroitnews.com/article/20140616/BIZ03/306160061#ixzz380ujhLRG