Good news, with some clouds, from Crain's...
Detroit's condo market, which had 11 months of inventory earlier this year, is now down to 7.6 months of inventory in neighborhoods that range from downtown to areas east, north and west, according to new research from Detroit-based residential brokerage house Berkshire Hathaway HomeServices The Loft Warehouse.
That puts greater downtown on pace to have a healthy balance of supply and demand — generally considered four to six months worth of inventory — in the coming months.
The equilibrium could be short lived, however, as the costs of building materials have soared about 50 percent since February 2020, driving up construction costs and threatening to kneecap condo development projects, said Jerome Huez, owner of Berkshire Hathaway HomeServices The Loft Warehouse.
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