Here’s a look at the Detroit Real Estate Market for April 2018. According to a report released on April 12, 2018, by Realcomp II, LTD., Michigan’s largest Multiple Listing Service, March residential home sales are down, but prices are continuing to rise. We are still seeing a shortage of housing inventory across the greater Metro Detroit area.
- This Month in Real Estate
- A Look at the Housing Stats
- A Look at the Condo Market
- What Does this Data Mean?
- What does this mean if you're buying a house in Metro Detroit?
- What does this mean if you're selling a house in Metro Detroit?
- An in-depth look into our local area
- Oakland County
- West Bloomfield Township
- Farmington Hills
- Commerce Township
- Walled Lake
- Metro Detroit Homes For Sale with Pool
This Month in Real Estate
Residential, single-family home median price range is up 6.3% year-over-year from 2017, with a 7.7% decrease in overall sales across the entire MLS.
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A Look at the Housing Stats
Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.
— Realcomp II, LTD.
The median price range of houses that sold in the Metro Detroit Area during the month of March was $176,000. This amount shows an increase of 6.3 percent from March of 2017. The Single Family Homes average sales price was $219,759. That’s a whopping 8.7% gain from one year ago!
At the end of the month, there were 7,720 homes on the market without an offer. This is down 29.9% from last year at 11,011 active homes on the market.
Average days on the market in Metro Detroit decreased from 45 days in February 2018 to 43 days on market in March 2018. Take this as an excellent time to sell your Metro Detroit Home! Call Joshua Norber now at 248.785.3737 to price your home.
A Look at the Condo Market
The median price range for a condo in Metro Detroit for March 2018 was $150,450. This amount shows an increase of 6.0 percent from this time last year. The average sale price of condos was $175,469. At the end of March, there were 1,048 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 24.9% from last year. Detroit is a HOT Seller’s market right now with 1.4 months supply of condos on the market. Consider this when pricing your condo to sell.
What Does this Data Mean?
It remains a Seller’s Market as we head into April 2018. Buyers are still bidding quality homes because inventory is scarce. Remember that it takes more than simply putting your home on the market. It’s common in a seller’s market for homeowners to try to sell their homes on their own, but in the end, they end up hiring a seasoned Realtor to complete the task for them.
There were 4,841 pending single family homes under contract at the end of March 2018, and 946 pending condo sales. The market is considered a balanced market when there are 6 months of inventory for sale. Less is considered a Seller’s market, as we see today with single family homes for sale at a 1.8 month inventory, and 1.4 month inventory for condominiums.
Marketable homes still command multiple offers and don’t stay on the market long. Read our tips on how to avoid seller frustrations as the spring selling season begins.
What does this mean if you’re buying a house in Metro Detroit?
With an increase in interest rates, some buyers will get pushed out. This is the perfect time for you to come in and get in a great negotiating position if you are ready to commit to a sale while other buyers are not. Despite the inventory shortage, home sales in Metro Detroit remained strong.
If you haven’t bought a house before, check out these 5 tips for first time home buyers. If you are obtaining a mortgage, get pre-approved as soon as possible and read up on the 6 steps to buying a house.
What does this mean if you’re selling a house in Metro Detroit?
Don’t forget to set the correct asking price when you put your home on the market. You will avoid many pitfalls and headaches. More importantly, your expectations won’t splatter all over the ground when you’re able to bring in potential buyers and get them to the negotiation table. With the slow down in sales, it’s more important to make sure you meet with your real estate agent to discuss negotiation strategies.
At the end of March 2018, Sellers received 97.5% of their list price for single family homes, and 97.9% for condos. Combine that with a supply shortage, high demand, multiple offers and you can sell fast if you price it properly at the outset. Setting your asking price right the first time is important and can reduce the risk of delays and lengthy negotiations.
An in-depth look into our local area
Here are some select highlights for some communities across Metro Detroit. For more in-depth market reports and home values, check out This Month in Real Estate article.
The Oakland County Real Estate Market has continued to decrease the number of homes for sale while buyer demand remains strong. This resulted in 1,231 single family homes sold for March 2018, and 384 condominiums sold. This is a -5.5% decrease in homes sold and -4.4% increase in condos. Oakland County median price range increased 4.4% from March 2017 to $250,500 with single-family homes sales averaging $302,401 during March 2018.
Others have found our detailed Oakland County Market Report useful for more statistics, including ACTUAL recent sold homes in Oakland County.
Here are the most recent home listings just added to the database in Oakland County, Michigan. All homes here are priced at the average Oakland County sale price of $302,401 or less.
West Bloomfield Township
There were 47 total home sales in West Bloomfield, Michigan. 165 single family homes have not received an offer at the end of March 2018, and there remain 42 condominiums available. Prices increased 14.2% for West Bloomfield year-over-year to an average $334,725.
We enter the 2018 Spring season as a Seller’s market, and it;s a great time to sell your West Bloomfield Waterfront or West Bloomfield Lake Home to a qualified buyer. Buyer demand is strong, so you should take advantage of it today.
Here are the most recent home listings just added to the database in West Bloomfield Township, Michigan. All homes here are priced at the average West Bloomfield sale price of $334,725 or less.
Prices this month increased again year-over-year in Farmington Hills, Michigan. The average single family home sales price did drop from last month by about $18,000 to $290,755, down from $272,648 in March 2018. Inventory at the end of March 2018 was 103 single family homes and only 25 condominiums.
Here are the most recent home listings just added to the database in Farmington Hills, Michigan. All homes here are priced at the average Farmington Hills sale price of $290,755 or less.
Novi, MI average sales price for single family homes is $431,836. This is $30,040 more than last month. Sellers are seeing a high net gain by receiving 99.1% of their asking price in an average 34 days on market, which remained the same from February 2018, and 33 days on market average during March last year.
Here are the most recent home listings just added to the database in Novi, Michigan. All homes here are priced at the average Novi sale price of $431,836 or less.
Commerce Township average sales price for single family homes is $302,401, which is UP $17,000 more on average than March 2018. Commerce Township sellers are receiving 98.8% of their asking price with only an average of 43 days on market.
Here are the most recent home listings just added to the database in Commerce Township, Michigan. All homes here are priced at the average Commerce sale price of $302,401 or less.
The Walled Lake, Michigan average sales price for single family homes is $167,500, a whopping $101,000 gain from last months average $268,500! Message me to find out what caused such a dramatic change from last month. Sellers are receiving 99.4% of their asking price in an average 7 days on market.
Here are the most recent home listings just added to the database in Walled Lake, Michigan. All homes here are priced at the average Walled Lake sale price of $167,500 or less.
Metro Detroit Homes For Sale with Pool
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Here are the most recent Metro Detroit Homes For Sale with Pool listings just added to the database.