Sunday, April 13, 2008

Unsold Inventory Continues To Grow

Unsold homes in Metro Detroit keep piling up (my own home in Livonia has been listed for almost two years). Figures for the end of 2007 reveal an 18.9 month supply of homes, almost doubling the national average (inventory figures represent how long it would take to sell all listed homes based on sales pace). Surprisingly Oakland County, not Wayne County, actually leads the way with a 20.2 month supply. Not so surprisingly, the city of Detroit has a jaw dropping 51.1 month supply.

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