The summer outlook for this month’s Metro Detroit Real Estate Market for July 2018 is bright and sunny. While many buyers continue to compete for homes, seller’s gain 6.2% median sales price from this time last year. The biggest news is the City of Detroit, with the recovery in swing, home median sales price has risen 275% over the last 5 years.
- This Month in Metro Detroit 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 Market Snapshot
- 🔥 West Bloomfield Township Real Estate
- 🎚️ Farmington Hills Market
- 💎 Novi
- ⛵ Commerce Township
- 💰 Northville
- Metro Detroit Homes For Sale with Pool
This Month in Metro Detroit Real Estate
The home median sales price is up 6.2% year-over-year from 2017, with a whopping 8.8% decrease in overall sales across the entire multiple listing service. There is a 19.6% decrease of single family homes and condos for sale on the market year-over-year.
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A Look at the Housing Stats
June saw a total of 7,991 condominiums and single family homes sell throughout the multiple listing service. Comparing the number of sales last year for June 2017, this is down 5.2% for single-family homes, and down 3.8% for condos.
Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability
— Realcomp II, LTD.
The median price range of houses that sold in the Metro Detroit Area during the month of June was $204,450. This amount shows an increase of 5.3% from June 2017. The Single Family Homes average sales price was $238,239, up 4.4% from this time last year.
At the end of the month, there were 10,360 homes on the Metro Detroit Real Estate Market without an offer. This is down -22.1% from last year at 13,306 active homes on the market.
Average days on the market in Metro Detroit decreased from 27 days in June 2017 to 26 days on market in June 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 sales price for a condo in Metro Detroit for June 2018 was $167,000. This amount shows a 7.7% increase from this time last year. The average sale price of condos was $185,074.
At the end of May, there were 1,381 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 17.3% from last year. Detroit remains a strong Seller’s market right now with 1.8 months supply of condos on the market. Consider this when pricing your condo to sell.
What Does this Data Mean?
While it remains a Seller’s Market as we head into July 2018, 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.
This month in Metro Detroit Real Estate, there were 5,498 pending single family homes under contract at the end of June 2018, and 978 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 2.5 month inventory, and 1.8 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 June 2018, Sellers received 98.6% of their list price for single family homes, and 98.3% 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
🔮 Oakland County Market Snapshot
The Oakland County Real Estate Market has continued to decrease the number of homes for sale while buyer demand remains strong. This resulted in 1,654 single family homes sold during June 2018, and 354 condominiums sold. This is a -11.5% decrease in homes sold and an increase of 7.6% in condos. Oakland County median price range increased 7.7% from June 2017 to $280,000 with single-family homes sales averaging $322,780 during June 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 $326,433 or less.
🔥 West Bloomfield Township Real Estate
Prices increased 5.3% for West Bloomfield year-over-year to an average $344,383. The average sale price actually decreased about $50k between June and July 2018, when the average price for West Bloomfield, Township was $393,855.
It’s a hot Seller’s market as we move into the summer, 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 $344,383 or less.
🎚️ Farmington Hills Market
Home sale prices actually decreased this month year-over-year in Farmington Hills, Michigan, about $5,100 lower than last year. The average sales price for single-family homes slowed down from last month by about $21,000 at $297,791. The average sales price in Farmington Hills was $276,679 for June 2018. Inventory at the end of June was 177 single family homes and only 33 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 $276,679 or less.
Novi, MI average sales price for single-family homes is $424,534. This is $5,876 less than last month. Sellers are seeing a high net gain by receiving 99.0% of their asking price in an average 20 days on market, as compared with last month’s 19 days on market, and 17 days on market average during June 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 $424,534 or less.
⛵ Commerce Township
Commerce Township average sales price for single-family homes is $360,533, which is UP $2,200 more on average than June 2018. Commerce Township sellers are receiving 99.0% of their asking price with an average of 42 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 $360,533 or less.
The Northville, Michigan average sales price for single family homes is $483,167, down 13.7% from June last year. Sellers are receiving 97.5% of their asking price in an average 34 days on market.
Here are the most recent home listings just added to the database in Northville, Michigan. All homes here are priced at the average Nortrhville sale price of $483,167 or less.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.
Metro Detroit Homes For Sale with Pool
Here are the most recent Metro Detroit Homes For Sale with Pool listings just added to the database.