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Detroit condo market sees record sales as supply glut shrinks (Crain's Detroit Business)

August 18, 2021

Detroit condo market sees record sales as supply glut shrinks (Crain's Detroit Business)

  • $106.4 million in condominium sales is 12-month record
  • Condo market inventory down to 7.6-month supply
  • Rising building supply costs could mean supply crunch next year

"Market interest has been highest among high-end buyers and for townhomes, where people don't have to worry about sharing elevators or other public spaces, said Austin Black II, the broker/president of City Living Detroit. While lofts used to sell faster before the pandemic, they're not as popular now.

Black said empty nesters are driving a lot of luxury condominium purchases, particularly because the market is good for them to sell their houses and downsize. Meanwhile, first-time and young buyers are seeing the high prices of condos and deciding to purchase a single-family home instead — often, for a similar price.

Inventory will continue to fall, Black said. O'Laughlin thought some potential sellers, seeing the inventory surplus, had decided to rent out their units instead. He expects them to put those properties on the market next year, when supply is lower."

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