Real Estate Selling Fast, Prices Up 18% in Metro Detroit

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Sales of homes and condos are moving fast in metro Detroit and average prices are up, according to the July report released today by Realcomp, a multiple listing service in Farmington Hills.

The average single-family home or condominium spent just 34 days on market in July, the lowest so far in 2014, with the average single-family home or condominium selling for $152,500, up 18.2 percent from July 2013, says the monthly report. Sales decreased by nearly 4 percent to 5,085 sales.

“(This) is likely caused by the fact that more buyers have entered the market,” says Chris Courtney, president of the multiple listing service. “The number (of days on market) changes on regular basis, depending on things like the weather. And because we had such a brutal winter that pushed the whole market back a little bit, I think we’re seeing (in July) what the end of our spring should have looked like.”

Courtney says metro Detroit also saw a considerable jump in inventory last month, with more than 17,800 listings, up 26 percent from the same time the year before. “More and more homeowners are getting the message that the market is back. If you want to sell your house, now is the time,” Courtney says.

He adds that the nearly 46 percent year-over-year decrease in foreclosure sales can only mean good things for the region. “These are sales by choice as opposed to sales by force. The houses you’re seeing are people who can sell because they want to sell.”

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