Pixabay
Pixabay
More than 400 more homes were sold in metro Detroit in March than the previous month, however real estate agents are seeing a decrease compared to last March that they're blaming on COVID-19.
Over 2,930 homes were sold in March, or 400 more homes sold as compared to February, but that is a 17.4% decrease from March 2019.
“It was a tale of two very different experiences during March,” Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan in Troy, told Detroit's Premier Business Journal. “The first half of March showed all the signs of the market ramping up for the spring season. Then came the coronavirus and metro Detroit being a hot spot, leading to our stay-at-home order, which in turn dramatically impacted activity in the market the second half of March.”
Detroit's Premier Business Journal reports real estate agents in Detroit sold 251 units in March this year but are still down from the reported 361 in 2019.
“We are focused on how to safely conduct business moving forward as we anticipate there remains strong interest by buyers and sellers that will drive sales back up over time,” Schneider told Detroit's Premier Business Journal.
Leading the way with 1,066 sales in March was Wayne County. However, home sales were still down from last March by 301 home sales.
Oakland County took second place with a total of 1,030 sales, but was still down by 337 sales compared to March of last year.
Macomb County was down a total of 180 home sales. Macomb registered 845 in March of 2019 but only registered 665 for the 2020 year.
Another county that saw a slight dip in sales was Livingston County. Livingston registered 183 sales in the previous year but only 175 for 2020 in March.
In March, the median sales price of a home in the region was up by 3.5% at $220,600 compared to last March. Livingston was lower by 3.3% with a median sales price of $289,900. Wayne County had its median price go up to 10% with a total sales price of $137,500.
Another improvement was that homes spent less time on the market by one day and there was a two month supply of homes on the market.
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