Detroit home sales up 2.2% in 2011
Home and condo sales for metropolitan Detroit inched up 2.2% in 2011 as the second half made up for a slow first six months, according to local multiple listing service Realcomp. Sales last year rose by about 1,000 to a total of 51,531 homes and condos over 2010 figures. The city of Detroit, however, saw home sales decline 8.4% to 6,457 in 2011. The average median sales price for metro Detroit also dipped, nearly $1,000 to $66,896, from the year prior as prices ticked up 0.6% to $9,568 in the city of Detroit. After a slow start, the last six months of 2011 outpaced year-over-year sales, including December, when transactions in metro Detroit increased 5.6% from December 2010. On-market inventory for the metro plummeted 22.5% in December from 2010 figures to a total of 18,875 homes and condos. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.