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Metro Detroit home sales prices continue to climb
invite response
2013 Jul 22, 6:10am 740 views 2 comments
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1
curious2
2013 Jul 22, 6:19am
curious2
2013 Jul 22, 6:19am
I wonder who the buyers are, e.g. private equity betting on a bankruptcy? Many Detroit sales listings omitted tax liens that would need to be paid at closing, so nobody could tell from the listing how much it would cost actually to buy that property. A PE fund might buy a bundle of properties and the liens at a discount, or a bankruptcy court might liquidate those liens at a discount.
2
EBounding
2013 Jul 22, 6:27am
EBounding
2013 Jul 22, 6:27am
Just to clarify, these are metro-Detroit properties, not Detroit City properties. The median Detroit City price is probably around $30K. I still don't understand what's changed in the past year though.
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Home sales prices in metro Detroit continue to climb in June, rising nearly 12% from May and more than 50% from a year earlier, according to the latest listing service data released this morning.
The data from Farmington Hills-based Realcomp shows the median sales price in metro Detroit was $124,000 in June, 53% higher than the $81,000 median price of a year ago.
At the same time, the number of sales fell 3% from a year ago to 4,949. The data defines metro Detroit as the four-county region of Wayne, Oakland, Macomb and Livingston.
Homes were on the market for an average of 61 days before getting sold in June — five fewer days than homes sold in May.
Sales prices in Macomb and Livingston counties were at their highest since 2008. For Wayne and Oakland counties, prices are back to 2007 levels, according to the listing service.
http://www.freep.com/article/20130722/BUSINESS04/307220068/Metro-Detroit-housing-prices-rise
#housing