Metro Detroit’s housing market gained momentum this spring as more buyers and sellers reentered the market, but new housing reports show activity still varies widely depending on the community and condition of the home.
Reports from multiple listing service Realcomp II Ltd, Re/Max of Southeastern Michigan and Real Estate One all showed increased activity from March into April, along with rising inventory that is giving buyers more choices. Realcomp reported closed sales jumped 17.4% month-over-month, while Re/Max reported a 15% increase in activity from March.
“As more listings come to the market, buyers should benefit from greater selection and quality,” Jeanette Schneider, president of Re/Max of Southeastern Michigan, said in the report. “For sellers, success will depend heavily on pricing, presentation and how their home stands out against competing inventory.”
Real Estate One’s April Housing report noted that well-prepared, move-in ready homes continue attracting strong interest, while overpriced or outdated listings are taking longer to sell and often require price adjustments.
Birmingham and Bloomfield Hills posted a 46% increase in year-to-date closed sales, rising from 74 sales last year to 108 this year.
Macomb Township sales rose 20% from 127 to 153 homes sold, while Grosse Pointe increased 9%, from 109 to 119 sales.
Other markets showed buyers becoming more selective.
Novi, Royal Oak and west Woodward corridor communities, including Ferndale, Berkley and Huntington Woods, all posted lower closed sales year over year.
However, several of those communities also saw pending sales and new listings rise sharply heading into spring, suggesting activity may still be building.
Novi, for example, saw pending sales rise 86% from 14 homes in February to 26 in March, while Royal Oak’s new listings increased from 67 homes in February to 87 in March, a nearly 30% jump.
Despite softer sales in some areas, prices across much of metro Detroit continue to rise, reinforcing that well-priced, updated homes remain in demand heading into the busy summer market.
Realcomp reported the median sale price across metro Detroit increased 5.3% year over year to $286,950.
Brendel Clark writes about real estate and other topics for the Detroit Free Press. Contact her at bclark@freepress.com.
This article originally appeared on Detroit Free Press: Home sales climb in some metro Detroit suburbs, fall in others
Reporting by Brendel Clark , Detroit Free Press / Detroit Free Press
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