Report: Home Sales Down Year-over-year in Metro Detroit, Sales Prices Rise
RE/MAX of Southeastern Michigan's April report says metro Detroit home sales are down while the median sales price is up.
Metro Detroit home sales are down 6.6 percent year-over-year while the median sales price is up 6.1 percent, according to RE/MAX of Southeastern Michigan’s April report, released Thursday.
Home sales are up from last month, however, with 3,684 sold in April and 3,523 sold in March. The median sales price has also increased from last month, going from $201,350 in March to $203,213.
Days on the market have decreased by four from last year, bringing the average number to 37. This is also down from last month, when the average was 45 days.
There was an estimated two-month supply of houses available in April, up from 1.8 months in March and down from 2.7 months in April 2017. A supply of six months is considered balanced.
“The number of new listings taken in April was higher than a year ago,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “While this will not resolve the inventory crunch we have, it is welcome news to buyers that more homes are coming to market. Buyers will benefit from offering favorable terms that are attractive to sellers to help increase the likelihood that their offer gets accepted.”
By county, Macomb had the biggest drop in home sales with an 8 percent decrease. Oakland County was close behind with a 7.5 percent decrease, while Livingston County’s home sales dropped by 5.7 percent and Wayne County’s dropped by 5.1 percent.
The median price increased by 8.1 percent in Wayne County, 7 percent in Oakland, 6.9 percent in Macomb, and 3.8 percent in Livingston.
In Oakland County, days on the market increased by 2.9 percent, while they decreased in Macomb by 21.4 percent. Livingston County saw a decrease of 6.5 percent, while Wayne’s days on the market decreased by 5 percent.
National housing trends saw a 2.3 percent year-over-year increase in home sales and an increase of 7.5 percent increase in median sales price, bringing it to $243,000. Houses were on the market for an average of 52 days, down five days from last year. The country’s average supply of inventory is 2.5 months.