Discuss Detroit Archives - January 2008 Metro home sales up by 15% Previous Next
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Austinb1212
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Username: Austinb1212

Post Number: 36
Registered: 10-2003
Posted on Friday, February 15, 2008 - 5:19 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Sales of residential and condominium units in Detroit nearly doubled in January, compared with the same month a year ago, and the region overall got a nearly 15 percent bump, according to real estate data firm Realcomp.

The city of Detroit led the gainers, posting a 45.5 percent increase in the month, with 736 closings.

Seven Realtors who deal primarily in downtown Detroit area property said they have enjoyed some of their recent best sale months in December and January. Sales of houses and condominiums in Detroit jumped by a 33.9 percent in December 2007, compared to December 2006. No other market in the Metro Detroit area came close to that kind of increase last year, according to Realcomp.

http://www.detnews.com/apps/pb cs.dll/article?AID=/20080215/B IZ/802150373/1001
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Livernoisyard
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Username: Livernoisyard

Post Number: 5179
Registered: 10-2004
Posted on Friday, February 15, 2008 - 5:57 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Measuring a housing "market" by the quantity of sales units might make sense if the prices of the two time periods were comparable--not likely in a falling, bear market. Moreover, if the price of those homes dropped to zero per unit, the quantity of sales for that period would probably go through the roof.

There was one local real estate broker quoted saying that there was some activity in units that were not "drastically reduced" [in price]. And of course, he gave his unbiased opinion that it was a good time to buy (good for his business).

However, the article stated that the prime mover for the number of units being sold was: "tumbling prices, low interest rates and sales of foreclosed properties or properties hoping to avoid foreclosures."
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Jdkeepsmiling
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Username: Jdkeepsmiling

Post Number: 322
Registered: 01-2006
Posted on Friday, February 15, 2008 - 7:49 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

LY,
You may be right on this point, it is primarily price driving these sales. What you fail to point out is that we MUST go through this stage to get back to a normal price and sales point. In Metro Detroit we are already going through what many other markets will be going through in a year or so, so we are ahead of the game. I am confident that Detroit and the Metro Detroit area will lead the country out of a recession in a year or so. The sad part is that we were already there, so we will be one of the first areas out.
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El_jimbo
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Username: El_jimbo

Post Number: 568
Registered: 12-2006
Posted on Friday, February 15, 2008 - 8:37 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

well at least the old adage is true then. As Detroit goes, so goes the country.

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