Detroit Real Estate Market Update for Summer 2014

Your Local Real Estate Expert - Michael Perna

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at [phone] for a FREE home buying or selling consultation to answer any of your real estate questions.

Detroit Real Estate Market Update for Summer 2014

It's summertime in Oakland and Wayne counties, and we are currently experiencing a hot sellers market. Homes are moving extremely fast. Most are not even lasting three days on the market, while some of the "lingerers" are, in reality, only on the market for 7-10 days. That is an incredible number and the situation could not be more perfect for anybody who want to sell their home. Here are some more important things you should know about our market so you can make the best decision possible for your real estate needs.

• The average days a home spends on the market is around 27 days, but our team has an average of 19 days.
• We are seeing very little inventory in places like Novi, Northville, Farmington Hills and Livonia. There are not many homes on the market in these places and the best homes go very quickly and command top dollar.
• Over May and June, we did see inventory levels increase about 15% from the spring, so we are easing back a little bit on the 7 or 8 offer situation we were seeing, which is good news for buyers because there is not as much competition as there was in the spring. However, we are still seeing multiple offers on almost every home.
• Right now, interest rates remain at a historic low. They have risen to around 4.25%, but that number is still extremely low. Since 1989, the average interest rate has been about 8.9%, and we are under half that.

If you have any questions about the real estate market or are interested in buying or selling a home, please give us a call. We would love to help you out with all of your real estate needs.