Newly released figures show the median February home sales
price was $80,000 in the four-county region of Wayne, Oakland, Livingston and Macomb.That price was the same as January, but a 38% increase from the median sales price of a year ago, according to data
compiled by Realcomp, a Farmington Hills-based multiple listing service.The highest year-over-year jump was in Oakland County, where prices rocketed 47% to $139,770. Washtenaw County was not included in the data.
HOLLY HURD attributes most of the price rise to the small supply of for-sale homes.
The inventory of available homes in the metro area last month was 14,544, or 25% fewer properties than a year ago, according to Realcomp.
There are fewer short sales and foreclosure sales these days. We have not seen them hitting the streets like we used to.
Yet despite the increases in home prices because well mainly of a lack of inventory, prices have a long way to go before all owners who are underwater on their mortgages can sell without taking a loss. If you have a home or condo HOLLY HURD will sell it, I will get top dollar for you in today's marketplace, although not what it was at in 2005. Indeed, home prices in metro Detroit remain 37% below their December 2005 peak and 20% below 2000 levels.
Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs.
www.Northvillehomes4sale.net
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