2017 has started the way 2016 ended: inventory low and prices going higher.
January residential home/condo on market inventory continued to drop. Macomb County’s on market inventory fell by more than 53 percent again, and Oakland County’s on market inventory fell by almost 41 percent.
Median sales prices continued their upward climb. In Macomb County, prices were up by almost 2 percent, and Oakland County prices were up by almost 11 percent.
Average days on market continues to go lower as well. (All comparisons are month-to-month, year-to-year.) It remains a sellers’ market.
Most homeowners have no idea how much their home/condo is currently worth. Many who used to be underwater (owed more than it’s worth) are no longer in a negative equity position. If you would like to know how much your home or condo currently is worth or know someone who would like to sell but doesn’t know the true value of their home, please contact the Tom Lipinski Team today.