Less Inventory, Higher Sale Prices in Grosse Pointe Housing Market

Home prices rose significantly in Grosse Pointe while there were fewer properties on the market, according to RealComp statistics from June 2013 compared to June 2012. 

The average sale prices jumped about 45 percent in the community. Meanwhile, there was a nearly 41 percent drop on inventory during that time frame. The number of foreclosure sales was down approximately 39 percent from last year, but the regular home sales was up by about nine percent, the figures show.

"The current real estate market in the Grosse Pointes is hot," said real estate agent Anne O'Connor with Keller Williams Realty. "Listings that are priced right are quick to sell. However, the inventory is low so if there is a potential home seller out there, this is the time to list." 

In Grosse Pointe, the median sale price on a non-foreclosure house was $123,000--up from $95,750 the previous year. Those figures are also higher than Wayne County property averages that are $105,000 to $80,000 during the same time frame, the RealComp figures show.