Metro Detroit Home Prices Rise 1.6%, While Inventory Is Down
Waiting for the market to bottom out? You may have missed the boat. All the signs of an upward trending market are in place. Demand is up, while supply is down. Foreclosures are rare and when they do hit the market usually sell for over the asking price. Interest rates are still at an all time low. We are still having a hard time getting homes to appraise, but in time that should clear itself up. Below is specific data to each county comparing February of 2011 vs. February of 2010.
Synopsis of Inventory (02/2011 vs. 02/2010)
*All MLS on -market inventory was at 32,695 units - 4,907 of these are foreclosures, 27,788 of these are NON-foreclosures.