Less Inventory, Higher Sale Prices in Macomb County Housing Market

Home prices rose significantly in Macomb County while there were fewer properties on the market, according to Realcomp statistics from June 2013 compared to June 2012. 

The average sale prices jumped about 34 percent for the county. Meanwhile, there was a nearly 30 percent drop on inventory during that time frame. The number of foreclosure sales was down approximately 43 percent from last year, but the regular home sales was up by about 18 percent, the figures show.

"Locally here in New Baltimore and Chesterfield we are seeing some very positive trends in the market primarily driven by listing inventory levels that are significantly lower than they were a few years ago and low interest rates fueling strong buyer demand," said Brian Powers of Keller Williams Realty in Chesterfield Township.

Home owners can still be encouraged because fewer distressed sales have created a housing environment in which sellers average less than 60 days on the market for their listed property, Powers said.   

"Mortgage interest rates have started to climb but remain low historically. Low interest rates will continue to help fuel the housing recovery," he said.