Here’s a look at the Detroit Real Estate Market for September 2017. According to a report released on September 13, 2017, by Realcomp II, LTD., Michigan’s largest Multiple Listing Service, buyers battle over low inventory as prices remain high. Residential, single family home median price range is up 6.2% year-over-year from 2016, with a 1.4% increase in overall sales across the entire MLS.
August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
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- A Look at the Housing Stats
- A Look at the Condo Market
- What Does this Data Mean?
- An in-depth look into our local area
- Fastest Selling Communities August 2017
A Look at the Housing Stats
The prevailing trends lasted through summer. This was expected since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment, and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
— Realcomp II, LTD.
The median price range of houses that sold in the Metro Detroit Area during the month of August was $185,000. This amount shows an increase of 5.7 percent from August of 2016. The Single Family Homes average sales price was $222,525. That’s a 4.5% gain from one year ago!
At the end of the month, there were 19,189 homes on the market without an offer. This is down nearly 27.5% from last year at 26,470 active homes on the market. It is still a great time to sell moving into the beginning of the school year. Many buyers were unsuccessful finding a home this summer, and that is an opportunity to get your home sold. Average days on the market in Metro Detroit is 20.9% less from last year’s 43 days on market to 34 days for August 2017. Take this as an excellent time to sell your Metro Detroit Home! Call Joshua Norber NOW 248.785.3737 to price your home.
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 Market
The median price range for a condo in Greater Detroit for August 2017 was $157,000. This amount shows an increase of 9.7 percent from this time last year. Average sale price of condos was $179,364. At the end of August, there were 1,951 condominium properties on the market without an offer. The low number of condos listed shows a decrease of 29.5 percent from last year. Detroit is a HOT Seller’s market right now with 2.1 months supply of condos on the market. Consider this when pricing your home to sell.
What Does this Data Mean?
Market trends overall indicate a hot seller’s market going into September 2017. Keep in mind that pricing and sales are local to each neighborhood. Buyers are still bidding quality homes because inventory is scarce. 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 the fall selling season begins. Marketable homes still command multiple offers and don’t stay on the market long. There were 7,402 pending single family homes under contract at the end of August 2017, and 1,158 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 3.1 month inventory, and 2.1 month inventory for condominiums.
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. If you are obtaining a mortgage, get pre-approved as soon as possible and read up on the 6 steps to buying a house. With a continued shortage of homes on the market, we see homes that are ready to sell move very fast while homes that are unprepared sit longer.
What does this mean if you’re selling a house in Metro Detroit?
Many homeowners — even buyers do this — make the mistake of thinking the selling season is over, or is ending when we enter August. I consult with my clients and explain that it’s just poor public conception, and Realtors do a poor job of working hard through December. Like last year, buyers have had to extend their plans into fall because of the inventory shortage. If you’re considering selling a home in Metro Detroit, contact Joshua Norber right away to get the most value out of your home today.
Sellers are receiving 97.7% 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.
An in-depth look into our local area
In Oakland County, Michigan, home sales followed similar patterns with 1,824 single family homes sold for August 2017, and 384 condominiums sold. This is a 1.1% increase in homes sold and 14.3% increase in condos. Oakland County median price range increased 6.0% from August 2016 to $254,250 with single family homes sales averaging $301,833 during August 2017.
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 $301,833 or less.
West Bloomfield Township
There were 89 total home sales in West Bloomfield, Michigan. 294 single family homes have not received an offer at the end of August 2017, and there remain 60 condominiums available. Prices increased 19.2% for West Bloomfield year-over-year to an average $389,280. As fall begins with a shortage of inventory, now is still a great time to sell your West Bloomfield Waterfront or West Bloomfield Lake Home to a qualified buyer. Don’t let public opinion tell you the season is over. Too many buyers miss opportunities to buy your home.
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 $389,280 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 $11,000 to $259,148, down from $271,6275 in August 2017. Inventory at the end of August 2017 was 230 single family homes and only 26 condominiums.
Her ares 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 $259,148 or less.
Novi, MI average sales price for single family homes is $504,545. This is $67,000 more than last month. Sellers are seeing a high net gain by receiving 98.7% of their asking price in an average 28 days on market, down from 22 days on market last month, and 36 days on market average during August 2016. I’d wait 6 more days for $67k, too!
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 $504,545 or less.
Commerce Township average sales price for single family homes is $323,624, which is down $5,000 more on average than August 2017. Commerce Twp sellers are receiving 98.4% of their asking price with only an average of 47 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 $323,624 or less.
Walled Lake, Michigan average sales price for single family homes is $352,500, a whopping $120,000 gain from last months average $233,875! Message me to find out what caused such a dramatic change from last month. Sellers are receiving 91.9% of their asking price in an average 49 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 $352,500 or less.
Fastest Selling Communities August 2017
* Average Days on Market [DOM] of 35 or less, with 10 or More Sales YTD
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