And yet, there are still lots of people that are looking to purchase a home. Interest rates are still at historic low levels, the economy is good, and people are coming out in force to purchase homes.

For Sellers: We saw a significant drop in listings on the market at the end of 2016 as compared to the end of 2015. On December 31, 2015, there were 19,634 homes and condominiums on the market in the Metro Detroit area. This compares 11,255 homes and condominiums on the market in the Metro Detroit area on December 31, 2016. This means that there were 43% less properties on the market at the end of 2016 as compared to end of 2015.