Low prices draw buyers, exec says
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 12, 2008
Sales of homes and condos in metro Detroit rose 12.8% in February compared with a year ago, according to figures released Tuesday by Realcomp.
There were 3,591 home and condo sales in the metro area in February compared with 3,184 in the same month in 2007. Realcomp figures are tallied from listing agents' reports of closed sales.
Karen Kage, president of Realcomp, a Farmington Hills-based real estate listing service, said the reason for the rise is that many of last year's foreclosures -- stemming from the sharp decline in the housing industry that began in August 2005 -- are being sold and, with prices down as much as 15% in some areas and interest rates stabilizing, buyers are beginning to step forward.
Detroit saw the greatest improvement as 804 homes and condos were sold in the month compared with 538 in February 2007, a 49.4% jump.
While the area is expected to see its high foreclosure trend continue, the February sales figures are a hopeful sign for the market as spring nears, Kage said.
"We started to see things go up in the fourth quarter of last year but nothing like we are seeing now," Kage said. "We are very optimistic that sales will continue to rise.
"If you are a first-time buyer, I have never in my 30 years in the business seen a better time to buy," she said.
Other highlights from the February sales report include:
• Macomb County sales rose 21.7% to 483 from 397.
• Oakland County sales rose 7.54% to 818 from 761.
• Livingston County sales rose 19.5% to 104 from 87.
• St. Clair County sales fell 9.4% to 87 from 96.
• Wayne County sales rose 28.1% to 1,481 from 1,156.
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 12, 2008
Sales of homes and condos in metro Detroit rose 12.8% in February compared with a year ago, according to figures released Tuesday by Realcomp.
There were 3,591 home and condo sales in the metro area in February compared with 3,184 in the same month in 2007. Realcomp figures are tallied from listing agents' reports of closed sales.
Karen Kage, president of Realcomp, a Farmington Hills-based real estate listing service, said the reason for the rise is that many of last year's foreclosures -- stemming from the sharp decline in the housing industry that began in August 2005 -- are being sold and, with prices down as much as 15% in some areas and interest rates stabilizing, buyers are beginning to step forward.
Detroit saw the greatest improvement as 804 homes and condos were sold in the month compared with 538 in February 2007, a 49.4% jump.
While the area is expected to see its high foreclosure trend continue, the February sales figures are a hopeful sign for the market as spring nears, Kage said.
"We started to see things go up in the fourth quarter of last year but nothing like we are seeing now," Kage said. "We are very optimistic that sales will continue to rise.
"If you are a first-time buyer, I have never in my 30 years in the business seen a better time to buy," she said.
Other highlights from the February sales report include:
• Macomb County sales rose 21.7% to 483 from 397.
• Oakland County sales rose 7.54% to 818 from 761.
• Livingston County sales rose 19.5% to 104 from 87.
• St. Clair County sales fell 9.4% to 87 from 96.
• Wayne County sales rose 28.1% to 1,481 from 1,156.
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