For Sale Sign Detroit

(Tanya Moutzalias | MLive.com)

DETROIT, MI - In March median home sales prices in Metro Detroit grew by double digits for a 13th straight month, according to figures released Monday by Realcomp, the Farmington Hills-based Multiple Listing Service for southeast Michigan.

The median selling price in Metro Detroit grew 36 percent in March compared with the same month a year before, hitting $115,250, compared with $85,000 in March 2013.

While prices continue to rise, inventory and actual sales have been declining. On-market inventory in Realcomp’s coverage area is down 9 percent on the year. Sales across Metro Detroit declined 15 percent year-over-year in March with 3,693 units sold.

Realcomp defines Metro Detroit as Oakland, Wayne, Livingston and Macomb counties.

Here’s a closer look at how each of those areas fared on an annual basis in March:

Wayne

The median selling price rose 25 percent to $60,000, while total units sold dropped 16 percent to 1,470 homes.

Oakland

The median selling price grew 11 percent to $161,000, while total units sold declined 14.5 percent to 1,243 homes.

Macomb

The median selling price climbed 35 percent to $112,250, while the number of units sold dropped 17 percent to 792 homes.

Livingston

The median selling price increased 20 percent to $185,925, while the total units sold fell 2 percent to 188 homes.

In the Grosse Pointe area, in which Realcomp includes all of the Pointes and Lake Township, total sales by units fell 19 percent to 47 homes in March. The median selling price in the Pointes climbed 9 percent year-over-year to $228,500.

For the Detroit area, which includes the city of Detroit, Hamtramck, Harper Woods and Highland Park, the median selling price grew 15 percent to a mere $10,000. Home sales by units decreased 15 percent to 472 homes.

David Muller is the business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter or Facebook.