Housing market begins to show promise of brighter days.

 

RealComp, a multi-listing agency for southeast Michigan, recently released encouraging numbers regarding home sales in the region.  In all, there has been an increase in the number of homes sold throughout with impressive market improvements in both the City of Detroit and all of Macomb County. 

According to the data, home sales in Macomb are up over this time last year.  For example, in April 2007, there were 494 homes and condominiums sold compared to 650 sold in 2008 reflecting as increase of nearly 32 percent.

Although many might hope that the numbers are an early indicator that the real estate market is back on the upswing, Francine Green of RealComp cautions, “While these numbers show an improving trend, it is still just a snapshot of prime conditions for the early part of this year.  A major reason home and condo sales are improving regionally is that home prices have adjusted to the falling real estate market making them easier to sell especially as interest rates remain historically very low.” 

Dave Elya of Weichart Realty in Shelby Township is more optimistic.  “Macomb County is proving to be very competitive regionally due to a variety of conditions,” says Elya.  He believes that there are several key advantages to purchasing a home in Macomb:

1. Homes in Macomb offer exceptional value in comparison to prices found in some neighboring locales.

2. Macomb schools rate among the best and County services are strong.

3. Abundant shopping and recreational opportunities; and

4. The M-59 and I-696 corridors provide easy access to all locales within the region – a factor that continues to remain important as fuel price increases.

Elya also noted that the rental market for homes and condos has also improved substantially.  This may be due to some hesitancy to purchase in a volatile market.  Others may be finding themselves in the rental market after losing a home to a foreclosure or forced sale. 

When asked to project if home sales will continue to improve, Elya responded, “With prices as they are - combined with historically low interest rates - many may later ask themselves why they did NOT buy a home in Summer of 2008!”

Home and Condo Sales in Southeast Michigan

	April 2007	April 2008	% Increase / Decrease
All	4,064	4,671	14.9%
Detroit	544	932	71.3%
Livingston County	165	161	2.4%
Macomb County	494	650	31.6%
Oakland County	1,003	1,102	9.9%
Wayne County	1,418	1,774	25.1%

 

 

Pending Home and Condo Sales in Southeast Michigan

	April 2007	April 2008	% Increase / Decrease
All	5,372	6,822	27%
Detroit	1,001	1,607	60.53%
Livingston County	177	212	19.7%
Macomb County	751	861	14.7%
Oakland County	1,333	1,659	24.5%
Wayne County	2,143	2,957	38%