The condo market in Detroit favors buyers now.
Detroit has about 11 months' worth of inventory, Kirk Pinho of Crain's Detroit Business reports. The last time Detroit's condo market was this saturated was 2010-11 -- still better than 2006 when there was three years of surplus.
"Four to six months is a healthy market where (supply) and demand are nicely balanced. If the inventory goes lower than that, it becomes a seller's market, higher than that, a buyer's market," Jerome Huez, owner of Detroit-based Berkshire Hathaway HomeServices The Loft Warehouse, a residential brokerage, tells Crain's (subscription needed).
So residence shoppers have more choices and better negotiating power. For developers, it means more challenging times.
