The economic recession hit the United States hard, but some areas of the country suffered more than others did. One such area was the Detroit-metro area. However, a recent report by Crains Detroit Business shows that the same area is now seeing a boost in residential real estate sale prices. In fact, the average sale price has increased by more than 20 percent from last year according to June numbers from this year.
The increase in the number of houses hitting the market is also significant. According to Realcomp II Ltd., there has been an overall increase of 29.7 percent in Oakland, Wayne and Livingston counties.
In Oakland County, there was an increase of 32 percent in the number of homes for sale in the last year, while Macomb County had an increase of 34 percent. Those percentages equaled 1,500 more homes for sale now than a year ago for Oakland County and 768 more homes in Macomb County.
According to the chief executive officer for Realcomp, there will likely be a leveling off of home sale prices as the number of homes for sale continues to increase. The CEO believes that this is needed because part of the problem during the recession was that home prices went up so fast and suddenly sales screeched to a halt.
It certainly has taken time for the housing market to see improvement; however, it does appear that improvement is definitely happening. For those in Oakland County and across the country, this is indeed good news.
When it comes to real estate purchases and sales, this may be the time for you to complete such a deal. However, it is certainly prudent to make sure that any contracts are reviewed by an experienced real estate attorney so that your interests are protected.
Source: Bloomfield-Bloomfield Hills Patch, “Oakland, Macomb Counties Lead Metro Detroit Housing Bump” Courtney Bledsoe, Jul. 23, 2014