July 24th, 2014 11:58 AM by Eileen Denhard
Wayne, Oakland and Livingston counties have seen a 29.7 percent increase in houses on the market, according to data released by Realcomp II Ltd. this week.
The average house sale increased 20.2 percent to $149,000, according to June 2014 figures, up from $124,000 in the year prior, Crains Detroit Business reports.
Oakland, Macomb, Livingston and Wayne counties all saw an increase of at least 20 percent increase in housing stock. Macomb County reported the most brisk activity, with a 34 percent increase over the 12-month period, and Oakland County saw a 32 percent increase.
The housing stock in Wayne County and Livingston County increased 27 percent and 24 percent, respectively, during the period.
Some other highlights of the report:
The actual number of houses on the market in Macomb County increased to 3,078 units in June 2014, compared with 2,290 a year ago. Oakland reported an increase of 6,000 houses, compared with 4,500 in the prior year.
Combined, the four counties saw a 29.7 percent jump in the housing stock to 16,572 in June 2014, compared with 12,781 in June 2013.
The largest increase in the median sale price was in Oakland County, which rose to $102,500 in 2014, compared with $76,000 the year prior.
“We may see price increases level off a little bit as the inventory continues to rise and I think we need that,” said Realcomp CEO Karen Kage. “Part of what got us in a difficult position five years ago was that the prices were going up so quickly and then it all came to a halt.”
Bloomfield Hills Patch