Residential sales in metro Detroit were up over 14 percent in January compared to a year ago. The City of Detroit led the region, with a 45.5 percent increase. This is a continuation of the December-to-December results, in which Detroit led the region with a 34 percent increase.
Firstly, this news shows that the market is likely bottoming out. Prices have gone low enough, and homes are moving again. Money is also beginning to move more freely thanks to falling interests rates.
Within the metro market, Detroit continues to progress the fastest, and it clearly has the most interest among buyers. Many condos and lofts in the central city which went on the market over a year ago saw price cuts at the end of last year, and they were quickly bought up. This demonstrates that demand is rather sensitive to price, and that a pool of willing buyers– mostly young people just starting up their careers– exists.
Detroit has also been leading the region in construction activity.
Oakland County, once the poster child of the 1990s suburban boom, has lingered in stagnation. The pace of home sales improved a mere three percent over one year ago. This can largely be attributed to the large supply of fairly homogeneous products in this market, and the fact that asking prices may not be bottoming-out there yet.
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