Detroit-area real estate market jumps in December

TROY—The Greater Metropolitan Association of Realtors reported a 22.2 percent increase in closed sales of single-family detached homes during December from a year earlier, normally one of the slowest month of the year, along with sharply reduced inventory of homes available for sale.

The organization reports sales for Wayne, Oakland, and Macomb counties in southeast Lower Michigan.

Officials said condo sales rose 11.0 percent.

Pending sales rose 20.5 percent for detached homes and 19.4 percent for condominiums. Meanwhile, inventory plunged 48.3 percent for residential homes and 28.8 percent for condominiums.

The median sale price rose 17.2 percnet to $204,900 for detached homes and 10.3 percent for condominiums. Average days on the market before sales decreased 23.9 percent for detached homes and 21.3 percent for condominiums.

Officials said near record low mortgage rates, low inventory, and strong buyer demand are likely to mean 2020’s housing market will continue into 2021.

For more information, visit gmaronline.com/resources/library.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.