Home Sales Remain Steady in the Metro Detroit Housing Market. Despite continued low inventory for August 2018, sales increased by 0.7% and Median home sale prices are up 5.7% across Southeast Michigan.
- 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?
- 🔮 Oakland County Market Snapshot
- Metro Detroit Homes For Sale with Pool
This Month in Metro Detroit Real Estate
The home median sales price is up 5.7% year-over-year from 2017, with a 0.7% increase in overall sales across the entire multiple listing service. There is a 16.7% 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
August saw a total of 9,369 condominiums and single family homes sell throughout the multiple listing service. Comparing the number of sales last year for August 2017, this is up 1.5% for single-family homes, and down 4.3% for condos.
Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
— Realcomp II, LTD.
The median price range of houses that sold in the Metro Detroit Area during the month of August was $200,000. This amount shows an increase of 8.1% from August 2017. The Single Family Homes average sales price was $235,737, up 6.0% from this time last year.
At the end of the month, there were 13,991 homes on the Metro Detroit Real Estate Market without an offer. This is down -16.6% from last year when 16,773 active homes were for sale in the Detroit housing market.
Average time to sell your home in Metro Detroit for August 2017 was 28 days, holding close to last month’s 27 days on market.
A Look at the Condo Market
The median sales price for a condo in Metro Detroit for August 2018 was $164,00. This amount shows a 6.5% increase from this time last year. The average sale price of condos was $185,820.
At the end of August, there were 1,549 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 15.4% from last year. Detroit remains a strong Seller’s market right now with 2.0 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 September 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 5,133 pending single family homes under contract at the end of August 2018, and 990 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 3.0 month inventory and 2.0 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.
Other’s have found our Complete Guide to Buying a House useful when purchasing real estate in Metro Detroit.
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 August 2018, Sellers received 98.0% of their list price for single family homes, and 98.1% 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.
🔮 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 1,769 single family homes sold during August 2018, and 344 condominiums sold. This is a 2.9% decrease in homes sold and an decrease of 9.7% in condos. Oakland County median price range increased 8.0% from August 2017 to $274,900 with single-family homes sales averaging $317,137 during August 2018.
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 $317,137 or less.
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.