SOUTHFIELD—The housing market in the Detroit area remains red-hot, according to the February report from the Greater Metropolitan Association of Realtors.
The median sales price for the month was up 11.4 percent from a year earlier, to $194,900 for detached housing and rose 13 percent for condominiums to $192,175.
The number of days homes were on the market fell 36.8 percent for detached housing and 16.1 percent for condominiums. The months’ supply of inventory plunged 58.3 percent for detached homes and 39.3 percent for condominiums.
The number of new listings fell 20.8 percnet from 10,570 to 8,374, and pending sales fell 10.1 percent from 8.872 to 7,974. Closed sales rose slightly, 0.7 percent, from 7,176 to 7,228. Homes are selling at lightning speed, with 81 percent of listings selling within a month.