Average Home Price in Shelby Township has Increased by $79,000 in 2 Years

For those of you who have been holding onto your homes in Shelby Township for the market to rebound and recoup the price of your home, we have good news to report.

The median sale price and the amount of homes sold in the township have experienced double-digit increases in the past two years, according to real estate firm Re/Max.

The amount of homes sold since October 2010 to October 2012 has increased by 15 percent. In addition the median sale price for a home in Shelby has shot up by $79,000. In October 2010, the average home sold in Shelby for $182,000, but just last month, the average home cost $260,000.

However, the dark side to the price increases comes at a cost. The monthly supply of inventory has gone from 84 in October 2010 to just 3.5 in October 2012.

Jeanette Schneider, regional vice president of Re/Max of Southeast Michigan told Patch there are fewer foreclosures on the market because the banks are looking at alternative options for homeowners, rather than foreclosing.

"This has caused more buyers than listings and it's fueled a bit of a bidding war," said Schneider.

In October 2012, the housing industry in all of Macomb County was up by 26 percent over September 2012, according to figures released by RealComp of Farmington Hills.

As for metro Detroit, RealComp reported a 17 percent increase in the median sale price and a nearly 28 percent increase in the amount of homes sold from September 2012 to October 2012.

Disclaimer: Click here.