Sales Slow But Metro Detroit Homes Continue To Sell For More Report Says

Dated: 07/20/2017

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       The metro Detroit housing market continues to favor sellers as low inventory drives up prices.

Year-over-year available home and condominium stock fell 37.2 percent last month from June 2016 figures in the region from 18,919 for sale to 11,881, according to new data released Thursday morning by Farmington Hills-based Realcomp Ltd. II. That is help propelling regional sale prices up 8.2 percent to $185,000, a sharp rise from $170,950 in June 2016.


However, sales dipped slightly, falling 0.8 percent from 6,228 last month to 6,181, Realcomp said. The listing shortage, particularly of move-in-ready homes, is helping fuel quick sales. Last month, it took an average of just 27 days — less than a month — to sell a home, down 27 percent from the 37 days reported in June 2016.


Only the city of Detroit and Wayne County reported positive total sales numbers year-over-year, according to Realcomp (see box). In the rest of the major categories of median sales prices, average days on market and on-market listings, the city and Wayne, Oakland, Macomb and Livingston reported negative year-over-year figures.


In May, the four-county metro region saw a 3.4 percent increase in the number of homes and condos sold, rising to 5,556 from 5,373 in May 2016, Realcomp said at the time. The median sale price climbed as well, 6.7 percent to $176,000, from $164,900, according to Realcomp.


JUNE HOME SALES STATS

Livingston County

Sales, June 2016: 371

Sales, June 2017: 358

Percent increase/decrease: -3.5 percent

Median sale price, June 2016: $240,000

Median sale price, June 2017: $250,000

Percent increase/decrease: 4.2 percent

Average days on market, June 2016: 48

Average days on market, June 2017: 30

Percent increase/decrease: -37.5 percent

On-market listings, June 2016: 1,102

On-market listings, June 2017: 794

Percent increase/decrease: -27.9 percent

Macomb County

Sales, June 2016: 1,562

Sales, June 2017: 1,505

Percent increase/decrease: -3.6 percent

Median sale price, June 2016: $150,250

Median sale price, June 2017: $163,500

Percent increase/decrease: 8.8 percent

Average days on market, June 2016: 38

Average days on market, June 2017: 24

Percent increase/decrease: -36.8 percent

On-market listings, June 2016: 4,240

On-market listings, June 2017: 2,176

Percent increase/decrease: -48.7 percent

Oakland County

Sales, June 2016: 2,230

Sales, June 2017: 2,195

Percent increase/decrease: -1.6 percent

Median sale price, June 2016: $225,000

Median sale price, June 2017: $249,000

Percent increase/decrease: 10.7 percent

Average days on market, June 2016: 35

Average days on market, June 2017: 26

Percent increase/decrease: -25.7 percent

On-market listings, June 2016: 6,742

On-market listings, June 2017: 4,555

Percent increase/decrease: -32.4 percent

Wayne County

Sales, June 2016: 2,065

Sales, June 2017: 2,123

Percent increase/decrease: 2.8 percent

Median sale price, June 2016: $124,000

Median sale price, June 2017: $131,000

Percent increase/decrease: 5.6 percent

Average days on market, June 2016: 37

Average days on market, June 2017: 31

Percent increase/decrease: -16.2 percent

On-market listings, June 2016: 6,835

On-market listings, June 2017: 4,356

Percent increase/decrease: -36.3 percent

City of Detroit

Sales, June 2016: 332

Sales, June 2017: 400

Percent increase/decrease: 20.5 percent

Median sale price, June 2016: $24,000

Median sale price, June 2017: $27,250

Percent increase/decrease: 13.5 percent

Average days on market, June 2016: 45

Average days on market, June 2017: 34

Percent increase/decrease: -24.4 percent

On-market listings, June 2016: 2,497

On-market listings, June 2017: 1,574

Percent increase/decrease: -37 percent

Source: Realcomp Ltd. II

originally published on http://www.crainsdetroit.com/article/20170720/news/634371/sales-slow-but-metro-detroit-homes-continue-to-sell-for-more-report

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Janet Hull and Thomas Bush

Janet Hull and Thomas Bush are seasoned Realtors specializing in residential real estate for over 14 years. They joined forces in 2005 and have worked with some of the largest builders in Michigan. To....

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