Long known for its continued loss of jobs in the last seven years and one of the highest foreclosure regions in the country, condo and home sales are jumping dramatically in Detroit.
Around the metropolitan area, sales of existing units bumped up more than 12 percent in February, compared to February in 2007. In the city of Detroit, the number of units sold in February skyrocketed up nearly 50 percent, according to the Detroit Free Press website.
As prices settle and the inventory of foreclosures begin to wain, buyers and investors are moving in to pick up deals throughout the Detroit area. February's increase marks the third consecutive double-digit sales increase for the Detroit area. In December, monthly sales were up 34 percent for both condos and homes; meanwhile, January reported a 15 percent hike in sales.
Could it be that the last few months' surge could be the sign of the turnaround in Detroit? Other cities in the Rust Belt state are seeing the same statistical increase. Grand Rapids listings have dropped so far this year, and sales have jumped nearly 20 percent from February to February.
Realtors, quoted in media outlets across the state, aren't certain why the market has turned so quickly, only to say, "It doesn't matter." Dropping inventory and rising sales is a typical precursor to a more equal, or even a seller's market.