Fewer homes on the market and higher demand are seeding sales above the asking price and bidding wars in Ann Arbor. And the four-county Metro Detroit market may not be far behind.
Excerpt:
"Home sales in the region encompassing Wayne, Oakland, Livingston and Macomb counties fell 7.1 percent last month from February 2012, but median sales prices rose 37.9 percent, according to Farmington Hills-based Realcomp II Ltd...
The median sale price rose from $58,000 in February 2012 to $80,000 last month.
Realcomp CEO Karen Kage said declines in the number of available homes spurred both the decline in sales and the increase in median sales prices."
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