Real Estate Prices May Be Stabilizing In Metro Area

FARMINGTON HILLS (WWJ) – The latest report on home sales in Southeast Michigan indicates that the downward spiral might be turning around.

Darrilynn Bowers from “Realcomp” tells WWJ that home sales in December jumped almost 6% in Southeast Michigan.  She says home prices ended 2011 virtually unchanged.

“I think our market is stabilizing, we don’t have as many properties on the market and supply always drives value. If you have low supply you are going to have higher value – so we don’t have huge numbers driving the prices down,” said Bowers.

“Well the median price had a slight change … like 3%  and we don’t really consider that a change, but we were in such a spiral in the past of declining prices so these positive reports are just a blessing to us all,” said Bowers.

She says some counties are seeing double-digit increases in median prices.