Metro Detroit homes median sales price increase while sales decrease as inventory shrinks

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Detroit may be transforming into a seller’s market as inventory shrinks and median sales prices rise.

Now may be the perfect time to start looking for a home in the Metro Detroit area as prices are set to increase. In fact, you will be surprised to know that despite the annual increase in sale prices of homes in the region, the total number of sales has gone down by 13.8 percent. According to reports obtained by Realcomp Ltd, a company based in Farmington Hills, MI, there has been an increase in the average sale price of homes in the Detroit region including four counties – Macomb, Livingston, Oakland and Wayne. As of January 20014, the company noted that the sale price went up to $110,000, much higher than the total cost during the previous year at $80,000.

Realcomp added that among the four counties, Wayne County had the highest percentage of increase in sale price at $64,900 from previous year’s $45,000 (44 percent), and it was followed by Macomb at $105,000 from $80,750 (30 percent). As for the other two counties, these also have gone through minimal increase in prices this January. The cost of Livingston homes went up by 19.5 percent at $179,200 from $149,950 while in Oakland, the sale price was up by 17.4 percent from last year’s $132,000 to this year’s $155,000. Despite this increase in the cost of homes, the total sales in these counties went down to 3,336, as compared to the previous year’s 3,869.

Based on the assessment of professional brokers, the discrepancy between inventory and demand has been quite an issue in the region for the past year. Thus, for anyone who wish to find Metro Detroit homes, this year could be the best time to do so, as you can take advantage of the low sales of residential properties in this four-county region.

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