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Click here to view the May 5, 2014 Money Monday Segment
On Monday, May 5, 2014, Realcomp's CEO was interviewed by Murray Feldman of Fox 2 News in their studios regarding single family home statistics for March. Here are highlights of the Metro Detroit real estate trends they discussed:
Median Sales Price
• Up for the year by an average of 36% - for March
• This upward trend began in 2010 (Oakland), 2011 (Wayne), 2012 (Macomb)
• Driven by market factors including historically low inventory levels
Inventory Levels
• Down by 12% compared to last year
• Levels have continued to diminish since August/September 2007
• Driven by market factors including foreclosures largely out of system; and individuals currently ‘under water’ on homes waiting for prices to continue their rise
Days on Market
• Down an average of 25 days over last year to [from 76.7 to 51.3 DAYS]
Popular Markets in Metro Detroit
• Troy & Canton area
• Based on:
o Most overall sales in past 12 months
o Least amount of days on market in that same time period
In Months Ahead
• Median sales prices expected to continue rise as economy improves and inventory levels work toward correction
• Inventory levels should rise during Spring/Summer selling season
• The next few months will be very telling as to whether the real estate market will continue its rise and resurgence to what is now approaching pre-recession levels
Consumers interested in learning more about the market and the value of their homes should contact a REALTOR® for more information.
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