Oakland Business Review
Southeast Michigan Realtors are expecting a stronger summer selling season, according to pending and completed residential sales data released July 8.
According to Farmington Hills-based multilisting service Realcomp II Ltd., sales were up throughout the region by 13.1 percent at the end of June this year, compared to the end of June 2007.
There were 5,341 sales in the region during the first six month of this year, compared to 4,723 last year. The region includes the city of Detroit, St. Clair area and Wayne, Oakland, Macomb and Livingston counties.
Pending sales are up across the region though, so it's expected that completed sales should increase during the next two months. Throughout the region, there are 7,191 home sales pending, compared to 5,437 at the end of June last year, representing an increase of 32.26 percent.
In Oakland County, there are 1,668 home sales pending, compared to 1,356 at the same time last year. Livingston County pending sales are 10.8 percent higher this year than last, with 195 reported at the end of June. Macomb pending sales number 910, 27.63 percent more than last year.
Realcomp reported 2,774 pending sales in Wayne County, 27.07 percent more than at the end of June last year, and Detroit pending sales are 22.52 percent higher than last year, numbering 1,398.
Wayne County and Detroit home sales have increased for six straight months, having a positive impact on overall sales figures. Wayne County sales were up by 31.4 percent this year and Detroit sales are up by 54.9 percent compared to last June. There were 990 Detroit sales the first half of this year, and 2,055 in Wayne County.