As inventory shrinks, Southeast Michigan home sales, prices rise

Posted on February 13, 2013

Detroit area home sales were up 10.7 percent in January over the same month a year ago, according to data released today by Farmington Hills-based Realcomp II Ltd.

Home sales in Wayne, Oakland, Macomb and Livingston counties rose from 3,495 in January 2012 to 3,869 last month, Realcomp reported.

The largest increase was a 29.3 percent jump in Livingston County. Also posting gains were Oakland (13.7 percent), Macomb (4.4 percent) and Wayne counties (9.9 percent).

In addition, the median home sale price in those four counties increased by 26.7 percent, from $63,150 in January 2012 to $80,000 last month.

Home sale prices in Wayne County rose by 28.6 percent, while home sale prices in Oakland and Macomb counties increased by 32 percent and 15.4 percent, respectively.

Prices in the Livingston County market remained flat.

The total number of homes on the market in those four counties also fell, from 19,947 in January 2012 to 15,537 last month, a 22.1 percent drop.

Karen Kage, CEO of Realcomp, said low inventory has driven the sales prices up.

“Inventory levels are lower than I’ve ever seen them, and they are very low all over the country,” she said.

There was a 21.7 percent reduction in home inventory in Wayne County, a 25 percent drop in Oakland County, a 17.9 percent drop in Macomb County and a 22 percent drop in inventory in Livingston County, according to Realcomp.

Kirk Pinho, Crain’s Detroit Business.