Metro Detroit home sales heat up with more listings, sales — and higher prices

Perhaps not all hope is lost for a successful home buying and selling season.

Even as inventory of for-sale homes around metro Detroit continues to expand, prices continued to escalate in May, but so, too, did the number of closed sales, according to figures released this week by two residential real estate firms. It’s a far cry from what was seen the previous month.

The number of closed sales took a big jump from April to May, growing nearly 20%, according to the monthly reports from Troy-based brokerage Re/Max of Southeastern Michigan and Realcomp II Ltd., a Farmington Hills-based multiple listing service used by Realtors around the region. The two reports track slightly different metrics but tend to show the same general trends.

“May home sales were up 20% over April across metro Detroit which was a welcome boost after a slow start to the spring home buying and selling season,” Jeanette Schneider, president of the local Re/Max brokerage, said in a statement. “The market is beginning to ease for buyers, with more listings coming to the market and a greater range of options. We are seeing some previously hesitant sellers step off the sidelines, deciding now is the right time to make their move. With a little more competition, sellers need to make sure they are pricing accurately to attract serious buyers.”

Indeed, the reports show that buyers do have increasingly more options as owners are starting to put properties on the market.

New listings last month grew 11.3% from April, and the total homes on market around the region grew roughly the same, according to Realcomp data.

But while more sales are certainly a boon for homeowners and real estate agents, and more options are a plus for would-be buyers, those in the market are seeing little relief on prices, per the two reports. Median sales price remains elevated from a year ago and ticked up more than 3.6% from April to May to $285,000, according to Realcomp.

“May was an interesting month as we watched the median sale price for the entire MLS rise to an alltime high which is good for sellers,” Realcomp CEO Karen Kage said in a statement. “Additionally, with inventory rising as we move into summer, we are excited about the opportunities available to buyers.”