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Decline in Detroit Home Auctions for Sale Improved Prices



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By : Allana Castro    99 or more times read
The decline in Detroit home auctions for sale in April improved house prices, as buyers competed to purchase the remaining best-priced properties and beat the federal tax credit deadline.

The price median for homes in Detroit shot up to $9,000, a spike of 50 percent from the April 2009 median of $6,000. The price increase throughout Wayne County, where Detroit is situated, was even higher at 105 percent. The county median jumped up from $18,000 to $36,900.

The decline in foreclosure houses at auction also affected price levels in adjacent counties. The median price in Oakland increased in April by 30 percent from $84,500 to $110,000 and the median in Macomb climbed up by 29 percent from $59,000 to $76,000.

With more buyers beating the tax credit deadline, the number of pending contracts in the three counties increased to 6,883 signed agreements, a jump of 5 percent from the 6,575 pending contracts during the same month last year. Closed sales meanwhile dropped by 4 percent from 4,588 units in April 2009 to 4,422 units in April this year.

The surge in April home prices was a complete reversal of price drops in the Detroit area in March. The still high number of Detroit home auctions for sale dragged down home price levels in March to a total of 47 percent from the peak levels in 2005.

In March, home prices dropped to an average of $87,300 in the counties of Wayne, Macomb and Oakland. In the Detroit area, prices fell by nearly 19 percent during the month and more than 28 percent of total house sales were made to buyers who received huge discounts.

In contrast to the decline in Detroit home auctions for sale in April, the number of home auctions for sale in Michigan jumped up by 9.4 percent from 5,715 units in March to 6,252 in April. Total filings statewide also increased by more than 8 percent from 17,700 to 19,173 postings over the month.
Original Post: Decline in Detroit Home Auctions for Sale Improved Prices on Foreclosure-Auction.net.

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