Metro Detroit home sales, prices gaining strength
DETROIT – Many metro Detroiters might have long since given up on the possibility of being able to sell their homes. But the market is shifting and raising the question of whether it's all happening too fast.
Drive down most neighborhoods and you'll notice something missing: The "For Sale" signs that dotted the landscape just a couple of years ago.
It's officially a seller's market.
RealComp is the keeper of the sales numbers and its CEO, Karen Kage, knows why the seller's market has arrived.
"I think all of this also goes to some consumer confidence out there," she told Local 4 News. "We need the people to look and say, ‘It's a good time for us to finally sell, let's see what we can do.'"
The year-to-year sales numbers are overall pretty good - in metro Detroit, their up five percent. In Wayne County, they were up nearly 5 percent.
In Oakland County was up with an 11 percent increase.
Macomb County's raw sales for homes and condos were up eight percent over July 2012.
The real surprise is the increase in home sale prices – that's been the real problem in recent years, but not now.
Metro Detroit's overall home sales jumped a whopping 50 percent year-to-year. Wayne County's jump was even better at 60 percent.
Oakland's was up more than 30 percent and Macomb registered a smart 43 percent.
But Kage said she doesn't want the market to overheat.
"We don't want to see them keep coming up as quickly as they are. We'd like to see slow and steady," she said. "A continuous rise in inventory, number of sales and all of it together."
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