Detroit Real Estate

Our Metro Detroit real estate market is what I would call "stable".  Our local housing inventory has been relatively staying the same. Our local MLS has been averaging between 44 -46,000 home listings.  Here is a quick explanation of what a change in housing inventory would mean.   If the housing inventory was growing, it  means homes are not selling as fast, that demand may be down.  More homes would be coming on the market than were selling. Metro Detroit home prices may drop because there is less demand.

If housing inventory was going down it means the real estate market is ''hotter".  That homes are selling faster than they are coming on the market.  It may mean that home prices may be rising.   There may be fewer buyers at that time of the year.

But the Metro Detroit real estate inventory and market prices are relatively stable.  Neither going up in price dramatically or going down quickly.  Which is good for both buyers and sellers.   The investment firm was trying to gauge what the end of the first time home buyers was having on the market.

Another thing that hasn't changed in the last few months is the amount of foreclosures and short sales.  It has been about a 50% split between private owned home sales and the combination of short sales and foreclosures sales.

So as of right now there has been no drastic change in our market because of the end of the first time home buyer credit.