Home Sales In Macomb County Continue to Rise at Slow, Steady Pace

The average price of homes in Macomb County rose 20 percent in the past year, according to RealComp.

The average price of a home for sale in Macomb County shot up by more than 20 percent in the past year, yet another sign the local housing market is rebounding after a slump that has lasted more than five years.

Figures released by Farmington Hills-based multiple listing service RealComp II Ltd. show the average price of a home in Macomb County last month was $80,000 compared to $60,000 in November, 2011.

The needle moved only slightly in the average price of a foreclosed home in Macomb this past year, going from $46,100 in November 2011 to $50,555 in November 2012. However, the double-digit increases were seen in the price of non-foreclosed homes and condos in the county. The average price went from 83,250 in November 2011 to $100,000 in November 2012.

A record low number of homes on the market have contributed to the home price increases.

"The inventory has been slow," said Weichert Realtor Franca Calagna. "Now when a house pops up, people are jumping on them."

There were 18 percent fewer homes on the market in Macomb County compared to last year.

Macomb experienced a 3.8 percent increase in total home sales from November 2011, with 887 total sales, compared to 921 in November 2012. 

"It's stabilizing and moving at a steady pace," said Calagna.

Sales in Metro Detroit rose 6.7 percent last month from a year ago, following a 17 percent jump in October.


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