Wednesday, January 22, 2014

Metro Detroit Home Sales? Still Going Up

The Detroit Free Press is reporting that metro Detroit home sales for Wayne, Oakland, Macomb, and Livingston counties in December averaged $120,800, an increase of 40% over the previous December.  The actual number of sales remained fairly constant.  Those statistics come from RealComp.

Still not a good investment.
Anecdotally, I can confirm that it is hard to find the idiot-proof bargains that once were prevalent across the MLS landscape.  Sort of like the Buffalo, they once were all over the place and now are hard to find.

Days on market, an important measure, dropped significantly.  It is also worth noting that Wayne County was up 60% while the other counties were all around 20% or so.

Why the huge increase in Wayne County?  Perhaps a realtor who reads this can help us understand by leaving a comment.  My guess is that Detroit no longer has as many houses that are basically being given away, although an increase across the board still seems to be there.

These numbers are good news for the local market and continue the trend of local home prices recovering to their 2005-06 levels.  Another year like 2013 and we will be at all-time highs.