Re-opening as an essential service May 9, the Metro Detroit real estate market is making up for lost time. Despite being “closed” for a third of the year, closings are only down 25%.
We took a look at Oakland County residential homes priced over $50k as a sample of the Metro “D” market.
New Contracts Last week: 530 2019: 425
YTD Sales 2020: 7034 Same Period 2019: 9340
There is a great deal of high end inventory (homes priced over $750,000) in Oakland county, velocity is up with 20 homes going under contract last week vs. 8 for the same week in 2019. The majority of these are located Birmingham and Bloomfield Hills.
Quick observations: 1. Lack of inventory is an issue, reading mortgage applications are up 30%+, inventory is down, Econ 101 2. Few high end homes stand out, giving a “commodity” feel to the market. 3. Two listings belonging to pro football icons, Matthew Stafford’s lake front contemporary and the late owner of the Buffalo Bills Ralph C Wilsons lake front mid-century are 😎.
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