Condos remain scarce in Dearborn Heights – Press and Guide

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Buying and selling condos is not a daily occurrence in Dearborn Heights, where 16 condos were sold in the first seven months of this year.

For Margaret Melmer, selling her condo near Hines Drive and Ann Arbor Trail was part of a two-step real estate process that included buying a condo in Brownstown Township.

Buy-and-sell activity has allowed Melmer to grow from a two-story colonial-style condo to a one-story condo in the popular Del Webb retirement community. The change also brought her closer to the Downriver house of a daughter.

“This is my last move,” Melmer said. “Its been good.”

She leaves a two-bedroom condo built in 2002 on Legacy Park Circle, with scenic, wooded views. The 1,475 square foot home, with a two-car garage, sold for $225,000 after less than 10 viewings.

Quick selling is typical in Dearborn Heights, which offers a relatively small market for condos. Three condos sold in Dearborn Heights in July, compared to more than 60 homes, according to Realcomp II, Michigan’s largest multiple listings service.

Allison Fishwick

“In Dearborn Heights, the condo market is mostly made up of affordable condos,” said Allison Fishwick, associate broker at Howard Hanna Real Estate in Dearborn.

Condo values ​​aren’t going up much, she said, but are “holding their own value today.”

Year-to-date through July, the median selling price for a condo in Dearborn Heights is $175,000, down from $157,000 for the year-ago period, Realcomp reported. The median year-to-date price is $193,000 in Dearborn, compared to $127,000 for the 2021 period.

Melmer’s experience is a familiar story in the real estate market of the past two years. Like many potential buyers, she was frustrated last year by a COVID-19 pandemic that fueled bidding and inventory scarcity.

As a seller, she found buyers willing to negotiate, taking some of the anxiety out of the process.

It helped, Fishwick said, that the Legacy Park condo was in a “prime location” and that Melmer had “kept his place in great shape.”

Realcomp reported that condos sold in Dearborn Heights received 101.6% of the list price through July. Dearborn condos returned 102%.

The residential real estate “frenzy” is fading and “normalcy” is finding a home in the Dearborn-Dearborn Heights area.

July sales data paints a picture of a still active market for homes where:

• Median prices continue to rise, but with less velocity.

• Fewer homes are selling.

• The inventory of homes for sale tightened in Dearborn Heights and eased slightly in Dearborn.

• Days to market – from listing to signing the contract – were virtually stable.

“The Dearborn area is moving towards a more balanced market,” said Jeanette Schneider, president of Re-Max of Southeast Michigan.

Karen Kage, Managing Director of Realcomp II, added, “The market continues to experience unprecedented numbers, especially median selling prices. Those looking to buy should be encouraged by rising inventory levels.

Fishwick said the data points to a more manageable environment for buyers and sellers.

“The tide is changing,” she said. “The word ‘normal’ seems right.”

Fishwick, who has lived in four Dearborn homes and bought and sold others as an investor, said the intense pandemic-driven real estate market has pulled back, though buyers and sellers are watching. interest rates and the global economy closely.

“My opinion on the market is that the frenzy is diminished,” she said.

Realcomp said the combined Dearborn-Dearborn Heights market saw sales decline 17.7% (198-163 sales) in July, compared to the previous month. Dearborn sales fell 18.1% – to 95 – and Dearborn Heights sales fell 16.2% – to 62.

Median selling prices rose in every Dearborn market from the previous July, according to the Re-Max Housing report. Dearborn posted a 14.4% increase to $230,000, and Dearborn Heights reported a 13.8% rise to $186,000.

Year-over-month, the average days on market until a sale in the Dearborn-Dearborn Heights combined market decreased in July to 12, from 14 in the Dearborn-Dearborn combined market Heights.

Market listings in Dearborn rose to 164 in July from 159 a year earlier. Dearborn Heights’ rosters went from 176 to 136, Realcomp said.

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