By Edward Cardenas
SOUTHFIELD (CBS Detroit) – The metro Detroit housing market is seeing an increase inventory, and a drop in selling days, according to the latest figures released by Realcomp.
Data compiled by the Farmington Hills-based company found over the past 12 months the average number of days a home was on the market has dropped from 66 to 43 days.
“That is a pretty big drop in terms of time on the market,” said realtor Jeff Glover. “As more inventory comes on the market, I don’t anticipate that changing too much at this point.”
The increase in inventory Glover referred to was the nearly 22 percent increase of homes for sale since last year. The number of homes for sale jumped from 19,459 to 23,862.
This could lead to a more balanced market, according to Glover.
“The last few years we have been definitely in a seller’s market,” said Glover, who is now seeing a shift toward’s a buyer’s market. “The more inventory we have come on the market, the more balanced the market will be.”
This is better for buyers, but the appreciation in home prices will begin to slow, he added.
But for the moment, home prices continue to rise. In the past year, home prices have increased 20 percent over the past year. But Glover stated the between May and June, the appreciation is slowing.
As Glover reviewed the figures, he also found the strongest sales in in the region in Livingston County, along with northern Oakland and Macomb counties.