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Here’s a look at the Detroit Real Estate Market for July 2017. According to a report released on July 20, 2017, by Realcomp II, LTD., Michigan’s largest Multiple Listing Service, Single-Family Median Home Sales Prices Heat Up! Residential, single family home median price range is up 7.0% year-over-year from 2016, and inventory further decreases to 32.4% from this month 2016.
There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers
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A Look at the Housing Stats
May saw a total of 8,877 condominiums, townhomes, and single family homes sell. Comparing the number of sales last year for June 2016, this is up .5% for single family homes and down 9.8% for condos.
With job creation increasing and mortgage rates remaining low, the pull toward home ownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.
— Realcomp II, LTD.
The median price range of houses that sold in the Greater Detroit Area during the month of June was $178,950. This amount shows an increase of 5.3 percent from June of 2016. The Single Family Homes average sales price was $216,323. That’s a 5.0% gain from one year ago!
At the end of the month, there were 17,620 homes on the market without an offer. This is down nearly 32.1% from last year at 25,941 active homes on the market. Now is a great time to sell as home prices are still rising, sellers are still holding off putting their homes to market, and the average days on the market is 22.2% less from last year’s 45 days on market to 35 days for June 2017. In other words, HOMES ARE FLYING OFF THE SHELVES! Take this as an excellent time to sell your Metro Detroit Home!
Oakland County
In Oakland County, Michigan, home sales followed similar patterns with 1,911 single family homes sold for June 2017, and 329 condominiums sold. This is a 1.1% decrease in homes sold and 4.1% decrease in condos. Oakland County median price range increased 10.1% from June 2016 to $260,000 with single family homes sales averaging $310,304 during June 2017.
West Bloomfield Township
There were 73 total home sales in West Bloomfield, Michigan. 299 single family homes have not received an offer at the end of June 2017, and there remain 61 condos and town homes available. Prices dropped 11.3% for West Bloomfield year-over-year to an average $327,181. Summer is the best time to sell your West Bloomfield waterfront or lake home. Buyers are scrambling to get your address before school starts!
Farmington Hills
Prices are also increasing year-over-year in Farmington Hills, Michigan. However, the average single family home sales price did drop from last month by about $10,000 to $281,805, down from $291,970 May 2017. Inventory at the end of June 2017 was 200 single family homes and only 18 condominiums.
Novi
Novi Township average sales price for single family homes is $394,505. This is $5,500 less than last month, but sellers are seeing a higher net gain by receiving 99.1% of their asking price in an average 17 days on market, down from 32 days on market last month, and 40 days on market average during May 2017.
Commerce Township
Commerce Township average sales price for single family homes is $338,881, which is a whopping $46,000 more on average than May 2017! Commerce Twp sellers are receiving 99.2% of their asking price with only an average of 33 days on market. Commerce Township is hot all summer!
Walled Lake
Walled Lake, Michigan average sales price for single family homes is $222,550, a $10,000 gain from last months average $212,250. Sellers are receiving 100.9% of their asking price in an average 13 days on market!
These stats are all inclusive of the Realcomp MLS report areas. Take a more detailed look at how this month’s average sales compare in Metro Detroit, Oakland County, West Bloomfield, Farmington Hills, Commerce Township, and Novi below.
A Look at the Condo / Townhome Market
The median price range for a townhome or condo in Greater Detroit for June 2017 was $155,000. This amount shows an increase of 10.7 percent from this time last year. Average sale price of condos was $182,865. At the end of June, there were 1,883 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 35.3 percent from last year. Detroit is a HOT Seller’s market right now with 2.0 months supply of condos on the market. Consider this when pricing your home to sell.
What Does this Data Mean?
The summer selling season for July 2017 is sizzling along! Keep in mind that it takes more than putting your home on the market. This spring and summer we have seen many homeowners try to sell their homes on their own but end up hiring a seasoned Realtor to complete the task.
Read our tips on how to avoid seller frustrations as we begin the summer season. Marketable homes still command 4 or 5 offers and don’t stay on the market long. There were 7,967 pending single family homes under contract at the end of June 2017, and 1,238 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 2.9 month inventory, and 2.0 month inventory on condos.
What does this mean if you’re buying a house in Metro Detroit?
If you haven’t bought a house before, check out these 5 tips for first time home buyers. Because we are still seeing a shortage of homes on the market, some areas are selling super fast, and at increasing prices. 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?
July’s outlook appears to be an excellent time to sell a home in Metro Detroit. Sellers are receiving 98.3 percent of their list price. 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.
Using a skilled Realtor can help you reduce the risk of delays and lengthy negotiations. In fact, we can help you time the sale of your house and make your new purchase without being left homeless, or stuck with 2 payments. Ask us how we can help you avoid the pitfalls newer agents overlook.
Fastest Selling Communities June 2017Avg. Days on Market [DOM] of 35 or less, with 10 or More Sales YTD |
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|---|---|---|
| 1 | Farmington | 17 Days on Market |
| 2 | Holly Village | 18 Days on Market |
| 3 | New Haven Vlg | 18 Days on Market |
| 4 | Columbus Twp | 19 Days on Market |
| 5 | Clawson | 20 Days on Market |
| 6 | Livonia | 21 Days on Market |
| 7 | Lathrup Village | 21 Days on Market |
| 8 | Berkley | 22 Days on Market |
| 9 | Almont Village | 22 Days on Market |
| 10 | Ferndale | 23 Days on Market |
| 11 | Brighton | 23 Days on Market |
| 12 | Cohoctah Twp | 23 Days on Market |
| 13 | Walled Lake | 24 Days on Market |
| 14 | Pinckney Village | 24 Days on Market |
| 15 | Madison Heights | 25 Days on Market |
| 16 | Pleasant Ridge | 25 Days on Market |
| 17 | Ann Arbor | 26 Days on Market |
| 18 | Wixom | 26 Days on Market |
| 19 | Canton Twp | 27 Days on Market |
| 20 | Oceola Twp | 27 Days on Market |
| 21 | Hamtramck | 27 Days on Market |
| 22 | Sterling Heights | 28 Days on Market |
| 23 | Novi | 28 Days on Market |
| 24 | Hazel Park | 28 Days on Market |
| 25 | Auburn Hills | 28 Days on Market |
| 26 | Northville | 28 Days on Market |
| 27 | Troy | 29 Days on Market |
| 28 | Oak Park | 29 Days on Market |
| 29 | Chelsea | 29 Days on Market |
| 30 | Huntington Woods | 29 Days on Market |
| 31 | Brownstown-Central | 29 Days on Market |
| 32 | Royal Oak | 30 Days on Market |
| 33 | Plymouth Twp | 30 Days on Market |
| 34 | South Lyon | 30 Days on Market |
| 35 | Melvindale | 30 Days on Market |
| 36 | Handy Twp | 30 Days on Market |
| 37 | Wolverine Lake Village | 30 Days on Market |
| 38 | Wales Twp | 30 Days on Market |
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