Home Sales Volume Climbs in Each Metro Detroit County, May Figures Show

The number of homes and condos sold in four Metro Detroit counties rose significantly last month, while median sales prices were relatively stable in most areas.

Oakland County, with a 21 percent median price surge to $137,900 during May, is the notable exception.

Realtors sold 5,023 residences in Metro Detroit in May, 682 more than during the previous month for Macomb, Wayne, Oakland and Livingston. Volume climbed by double-digit percentages in all four counties, with Livingston as the pace-setter at nearly 32 percent higher than April.

The data was released Monday by Realcomp II Ltd., a multiple listing service in Farmington Hills. Its year-to-year analysis shows considerably fewer condos and homes were on the market throughout southeast Michigan than in May 2011.

Livingston County had the highest median price in May ($149,450), followed by Oakland, Macomb ($75,000) and Greater Wayne, excluding Detroit ($62,200). Percentage changes from the previous month are in a table below.  

Oakland County had the largest total of May deals in Metro Detroit outside Detroit, with 1,717 purchases – a one-month jump of nearly 19 percent.

Figures from six other counties also are in Monday's report. Compared to , overall residential sales during May rose 16.5 percent to 6,325 in all 10 counties of southeast Michigan. Median prices for those sold climbed to $81,000, 12.5 percent higher than the preceeding month.

Patch Blogger and William Brundage that sales are outpacing new listings on the market, and that that prices are rising, but for a specific reason.

"Median prices have been increasing, but much of that to date is a result of buyers shifting to more expensive homes as well as fewer bank-owned properties," he explained. "Most of the real appreciation has occurred in the last 90 days, so it will not show up in sold data for a few months."

Two other factors: the average time on market in the four Metro Detroit counties was 79 days last month, four days shorter than in April. Turnover from listing to closing was fastest in Macomb (71-day average) and longest locally in Livingston (95 days). 

Summary by counties

Area

May sales totals

Change from April

May median price

Change from April

Oakland

1,717

18.8%

$137,900

20.9%

Macomb

1,070

16.0%

$75,000

1.0%

Greater Wayne*

1,490

15.4%

$62,200

0%

Livingston

240

31.8%

$149,450

0%

* Greater Wayne covers that county, minus Detroit.    

Source: Realcomp II Ltd.