A slow but continued recovery in the housing market has caused sales of homes and prices to move up in May and June causing a shift from a buyer’s market to a seller’s market.
Compared to one year ago, according to RealComp Multilist Service in Farmington, MI, there has been a sharp increase in the median home price. Only one-third of the homes listed are move-in-ready. The other two-thirds are in foreclosure or need repairs due to neglect.
Buyers are competing for the quality inventory and attracting multiple bids. Homes often catch prices above the asking price and are selling quickly. Buyers around here are frustrated by the situation because there are not enough homes available. They are sensing that now is a good time to buy because they realize prices will only go up from here. They are also motivated by the low interest rates.
Prices are still not up to where they were in 2000 but are moving up. Prices have not increased enough to bring underwater homeowners up to the point where they can sell without taking a loss. Inventory will increase when the market brings prices even higher.
All counties show sales gains for statistics taken in May/June. Oakland County sales were robust with a 20.2% gain in sales. Macomb sales up 16.2%, Livingston up 14.8%. Median sales price increases were also seen in all 3 counties.
Mary Purcell "Your Realtor in the Rochester Area" www.purcellrealtyrochester.com Search for Homes or call me to discuss listing your home. This is a great time!! mary@purcellrealtyrochester.com 248-288-3500
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