real estate »
Housing Market Stable
Expert says it’s a sellers’ market
for homes under $500,000
2091380
Jackie Headapohl | Managing Editor
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D
an Elsea, president of
Brokerage Services, Real
Estate One, provided a resi-
dential real estate forecast to mem-
bers of the Birmingham Bloomfield
Chamber of Commerce in early
April.
His forecast was positive. He said
that homes in Southeast Michigan
were at 85 percent of their peak
value.
“Michigan was the first to crash
and the first to bounce back,” he
said. “Real estate values are back
to their long-term trends. We can
expect 15 percent appreciation over
the next five years.”
New construction is lagging a
little, with new home starts only at
33 percent back to peak in 2015. He
said he expects new home starts to
average 14,000 in the coming years,
which is 60 percent back to peak.
He said he anticipates interest
rates to say steady over the next 18
months at around 4 percent.
He also said the market still hasn’t
Brandon Schwartz)
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Dan Elsea speaks to chamber members
at the Townsend Hotel in Birmingham.
gone through the release of pent-
up demand caused by the Great
Recession. “There is good core
demand in Southeast Michigan and
across the country,” Elsea said.
It’s a seller’s market for homes
priced under $250,000-$500,000
Metro New Construction Starts
Census Detroit-Warren-Livonia
25000
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“Real estate
values are
back to their
long-term
trends. We
can expect
15 percent
appreciation
over the next
five years.”
20000
15000
10000
5000
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
New Construction Starts - Census Bureau - Detroit-Warren-Livonia
–
–
–
–
More Buyers than Listings
At or above list price 22% of the time
Listing Inventory Still Declining, but the decline is slowing
31% Selling in 10 days or less, 54% in 30 days or less
–
–
–
–
Still a few more Buyers than sellers but balancing
At or above list price 17% of the time
Listing Inventory Rising
24% Selling in 10 days or less, 63% in 30 or less
– Listings increasing faster than buyers – Listing inventory rising
– At or above list price 17% of the time
– 13% Selling in 10 days or less and 23% in 30 or less
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continued on page 60
58 April 14 • 2016