DETROIT (WWJ) – Homes are selling more quickly in Metro Detroit. According to new numbers released Monday by Real Comp, the average home is selling in just over three months.
WWJ Newsradio 950 spoke with Real Estate Insider Mark Gilman of MCCI Corp who said it’s all because there are fewer homes for sale — and that could be good news for home prices, if the trend continues.
“Right now I’m gonna go with this as good news because the inventory has been reduced. It’s a really, really good sign. I’ll be happier if I see three months of this,” Gillman said.
“I have my doubts, just because, you know, March numbers are very different from April and May. Because a lot of people wait to put their house on the market until the weather gets better,” Gilman said.
“So, my guess is April and May is going to see a signifficant increase in homes on the market because people wanted to wait through the winter,” he said.
Gilman said it also remains to be seen whether there will be a new round of home foreclosures.
According to Real Comp CEO Karen Kage, it looks like this spring will be better than last year for selling a home. Kage says in Wayne County, homes are selling even faster — in just under three months.