Detroit-area home sales up 12.8%
April 18, 2008 by admin · Leave a Comment
Spring time is approaching fast and the market is gearing up with year over year home sales spiking 49.4% WOW!
Detroit Area home sales up 12.8%
By GRETA GUEST • FREE PRESS BUSINESS WRITER • March 11, 2008
Sales of homes and condos in metro Detroit rose 12.8% in February as compared to a year ago, according to figures released today by Realcomp.
There were 3,591 home and condo sales in the metro area in February compared to 3,184 in the same month a year ago.
Detroit saw the greatest improvement with 804 homes and condos sold in the month compared to 538 in February 2007, a 49.4% spike.
While the area is expected to see its high foreclosure trend continue, the February sales figures are a hopeful sign for the market as spring nears.
Low interest rates and falling home prices are key reasons for the uptick in sales, said Realcomp, a Farmington Hills-based real estate listing service.
Other highlights from the February sales report include:
Macomb County sales rose 21.7% to 483 from 397.
• Oakland County sales rose 7.54% to 818 from 761.
• Livingston County sales rose 19.5% to 104 from 87.
• St. Clair County sales fell 9.4% to 87 from 96.
• Wayne County sales rose 28.1% to 1,481 from 1,156.
Contact GRETA GUEST at 313-223-4192 or gguest@freepress.com.
DetroitProgress.com is in the business of real estate investing in low-middle income housing within the Detroit area. We will be actively marketing both our wholesale and retail homes on the website along with updates on our progress. Our long term goals will be to provide low income housing to investors for the purposes of rehab, fix and retail single family homes, and acquire a large portfolio of residential homes.
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