Market Conditions in Detroit>Question Details

M, Real Estate Pro in Nevada

hi. the Michigan Realtor's Association website has average sales price of 16K, monthly sold homes on MLS at less than 500 homes in their

Asked by M, Nevada Wed Mar 2, 2011

website. why is there such a big discrepancy? according to trulia, the area would be HOT at these prices. http://www.mirealtors.com/content/upload/AssetMgmt/Site/HOUS…

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Hi M

There is differences between realtor boards.Searching the MLS that I use, there are currently over 3300 houses on the market in the city of Detroit and 292 houses sold in the month of January, so there is approx. a 11.5 month supply of houses. It is still a buyers market and there are many investment opportunities in Detroit and the surrounding suburbs.

Sincerely,

Mike Warren
Keller Williams Realty
email: mikewarren@kw.com
0 votes Thank Flag Link Sun Mar 6, 2011
We have several MLS's that deal with Detroit properties. Macomb, Oakland as well at Detroit. Not all properties are listed with the Detroit Board. Alot of homes for sale are short sales and are taking alot longer to sell. Also, as with all large cities there are good and bad areas, with the economy in Michigan being so difficult there are so many homes on the market that investors can be picky as to where they buy. There are currently over 9000 homes for sale in Wayne county alone.

I hope this explains your question.

Thanks,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
Kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Mar 2, 2011
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