There are great signs of improvement in Macomb County's housing industry. Figures released by Farmington Hills-based Realcomp show double-digit increases in the county's October home sales and the median sale price.
Home sales in Macomb County were up 26 percent in October 2012, with 1,068 homes sold compared to 847 homes sold the month before.
The median sale price for homes in Chesterfield Township, New Baltimore and across the county was up 17 percent in October. The average home last month was sold for $82,000 compared to $70,000 in September.
"We're seeing the same trends in New Baltimore and Chesterfield that exist in Macomb County and throughout southeast Michigan. The market is very stable right now with both home prices and the volume of homes sold trending upward fueled by low listing inventory levels at a time when buyer demand is strong due to very low interest rates and modest gains in employment," said Realtor Brian Powers of Keller Williams Realty in Chesterfield.
"Bank foreclosure inventory is very low helping to boost the market as fewer distressed sales help preserve property values that tend to erode when foreclosure sales are abundant," according to Powers. "The home-buying market remains very competitive with many listings having an offer accepted in in less than two weeks, sometimes with multiple offers from buyers bidding against one another."
Vice President of Remax of Southeast Michigan, Jeanette Schneider concurs there are fewer foreclosures on the market because the banks are looking at alternative options for homeowners, rather than foreclosing.
"This has caused more buyers than listings and it's fueled a bit of a bidding war," said Schneider.
The gains in the Metro Detroit housing market echo those of Chesterfield and New Baltimore. There was a 17 percent increase in the median sale price and a nearly 28 percent increase in the amount of homes sold from September 2012 to October 2012 in the Metro Detroit area. Livingston County saw the greatest increase, up more than 36 percent over last October. Oakland and Wayne counties join Macomb in double-digit increases in sales and median sales price.
Also, the average amount of days a home will sits on the market has decreased by 16 days in the past year, from 94 to 78.
Check out the Patch.com Real Estate section for more news on homes for sale and homes that have recently sold in the area.
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