Detroit, MI -- (SBWire) -- 04/15/2013 --Tumultuous is a word that adequately describes the Detroit real estate market of the last five years. But it seems things are on an upswing since the market there took one of the hardest hits from the real estate bubble burst in 2008. That means good things, especially for sellers right now, according to the RE/MAX National Housing Report. The inventory of Detroit homes for sale is low which has pushed home sale prices up creating the classic sellers’ market.
Nationwide, the number of houses on the market month-to-month has dropped for 31 months in a row. A six month supply of houses on the market is considered a balanced market. Detroit is among the metropolitan areas with extremely low months supply levels at just 2.6. With the inventory of houses for sale on average almost 29% lower than it was a year ago, houses that do come on the market in Detroit are selling more quickly and homeowners often find themselves with multiple offers to consider. The same is true of homes for sale in Troy MI.
The inventory shortage of homes for sale in Detroit MI goes hand-in-hand with price increases, creating somewhat of a double edged sword for the area’s market recovery. The January RE/MAX National Housing Report reviewed 52 metro areas. 44 of them experienced year-over-year price increases, with Detroit among the 26 that saw double digit increases at 31.1%. This helps Detroit homeowners who may have been underwater on their properties, but the shortage and higher prices pose a challenge for buyers. Some buyers may find themselves looking farther out from the city at homes for sale in Farmington Hills MI.
“With fewer distressed properties and underwater homes, more home sellers in 2013 may be persuaded to place their homes on the market and move up. As the inventory issue works its way back to a traditional balance, the housing market should continue a robust recovery in 2013,” the report states.
About RE/MAX
RE/MAX of Southeastern Michigan is licensed through RE/MAX Regional Services (RRS), which also includes franchises in Georgia, Tennessee, Kentucky and southern Ohio. The company is part of RE/MAX, the No. 1 global real-estate brand. RE/MAX Regional Services was founded in 1978 by Howard McPherson. The company provides outstanding support to the more than 300 offices and nearly 4,000 agents in its five regions. RRS ensures its real-estate professionals have the leading technology, the most advanced training, and the highest level of expertise to best serve the homebuyers and sellers in their communities. For more information, visit: http://www.remax-detroit.com
