Citing statistics from Realcomp, our local real estate MLS, 3,591 homes and condos in the Detroit Metro area were sold in February 2008 versus 3,184 in February 2007. President Karen Kage acknowledged with prices being "down as much as 15% in some areas and interest rates stabilizing, buyers are beginning to step forward."
On the local front, according to my rough estimates, sales of homes & condos in Northville were up 26% to 24 from 19 over February 2007 while in Plymouth they were up 12% to 19 from 17. This is in addition to the strong leasing market out there right now. Definitely a trend in the right direction.
A quote by Kage ends the article by saying "If you are a first-time buyer, I have never in my 30 years in the business seen a better time to buy." Let's hope that bodes well for the upcoming Spring market!