Detroit Real Estate Boom? 45.5% Increase in Sales
Seven realtors who deal primarily in downtown Detroit area property said they have enjoyed some of their recent best sale months in December and January. Sales of houses and condominiums in Detroit jumped by a 33.9% in December 2007, compared to December 2006. No other market in the Metro Detroit area came close to that kind of increase last year.
Realtors credit tumbling prices, low interest rates and sales of foreclosed properties or properties hoping to avoid foreclosures.