This month’s Metro Detroit Real Estate Market for June 2018 leaves Buyers frustrated waiting for homes while Sellers still see a shining bright spot: Homes for sale inventory is down 22.1% from 2017 and, with fewer homes selling, the median sales price is up 6.0%.
- 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
- ⛵ Walled Lake
- Metro Detroit Homes For Sale with Pool
This Month in Metro Detroit Real Estate
The home median sales price is up 6.0% year-over-year from 2017, with a 1.8% decrease in overall sales across the entire multiple listing service. There is a 22.1% decrease of homes for sale on the market year-over-year.
Get your FREE Home Value Estimate Right Now! It will take less than 15 seconds to find out what your Motor City Home is worth today.
A Look at the Housing Stats
May saw a total of 8,536 condominiums and single family homes sell throughout the multiple listing service. Comparing the number of sales last year for May 2017, this is down 2.6% for single-family homes, and up 3.8% for condos.
Just like last year at this time, prospective home buyers should expect a – 22.1% competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.
— Realcomp II, LTD.
The median price range of houses that sold in the Metro Detroit Area during the month of May was $200,000. This amount shows an increase of 8.7% from May of 2017. The Single Family Homes average sales price was $238,449. That’s an 8.3% gain from one year ago.
At the end of the month, there were 9,308 homes on the Metro Detroit Real Estate Market without an offer. This is down -23.6% from last year at 12,188 active homes on the market.
Average days on the market in Metro Detroit decreased from 33 days in May 2017 to 29 days on market in May 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 May 2018 was $161,501. This amount shows a 9.9% increase from this time last year. The average sale price of condos was $184,325.
At the end of May, there were 1,251 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 8.5% from last year. Detroit remains a strong Seller’s market right now with 1.6 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 June 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 5,391 pending single family homes under contract at the end of May 2018, and 1,018 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 2.2 month inventory, and 1.6 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 May 2018, Sellers received 98.3% of their list price for single family homes, and 98.0% 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 1,665 single family homes sold during May 2018, and 359 condominiums sold. This is a -3.2% decrease in homes sold and an increase of 21.3% in condos. Oakland County median price range increased 9.9% from May 2017 to $279,900 with single-family homes sales averaging $326,433 during May 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 1.4% for West Bloomfield year-over-year to an average $393,855. The average sale price increased $60k in the two months since March 2018, when the average price for West Bloomfield, Township was $334,725.
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 $393,855 or less.
🎚️ Farmington Hills Market
Prices this month increased again year-over-year in Farmington Hills, Michigan, about $6,000 higher than last year. The average sales price for single-family homes increased by about $2,000 from last months at $295,646. The average sales price in Farmington Hills was $297,791 for April 2018. Inventory at the end of April was 117 single family homes and only 34 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 $297,791 or less.
Novi, MI average sales price for single-family homes is $430,410. This is $6,429 greater than last month. Sellers are seeing a high net gain by receiving 98.9% of their asking price in an average 25 days on market, as compared with last month’s 33 days on market, and 32 days on market average during May 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 $430,410 or less.
💰 Commerce Township
Commerce Township average sales price for single-family homes is $358,290, which is UP $47,000 more on average than April 2018. Commerce Township sellers are receiving 98.8% of their asking price with an average of 27 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 $358,290 or less.
⛵ Walled Lake
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 $202,000 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.