The median sales price of homes in southeastern Michigan rose 8.6 percent to $189,425 in February, from $174,400 in the same period in 2017, according to figures compiled by RE/MAX of Southeastern Michigan in Troy.
During the same monthly periods, home sales fell 4.7 percent to 2,642 last month as compared to 2,773 a year ago. The number of days from listing to a signed contract was 47 average days last month, versus 51 average days a year ago.
In turn, the region had a 1.8-month supply of homes on the market, down from 2.6 months a year ago. A supply of six months is considered balanced.
Further detail of the median sales price by county shows increases in Wayne (22.4 percent), Oakland (13.6 percent), and Macomb (13.7 percent), while Livingston showed a decrease of 3.5 percent.
“This marks the third consecutive month we have seen a year-over-year decline in home sales. New listings are down across all counties as well which means we can anticipate fast sales and increasing prices to continue as we head into the spring market,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan.
The data for the local market trends and county-specific data trends included in the report is based in whole or in part on data supplied by Boards of Realtors and their MLSs.
Home Sales are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending) during the month.
Days on Market is calculated based on the average number of days listings are on-the-market actively being promoted by the current listing office. Median Sales Price is the midpoint value of all sales processed for the month. This indicates 50 percent of the sales were higher than this amount and the other 50 percent were lower.