Home sales dropped slightly in October, down 0.9 percent to 4,441 homes sold compared to 4,482 homes the previous year, according to the RE/MAX of Southeastern Michigan October 2019 report. They increased from September, when 4,405 homes were sold.
Nationally, home sales increased 3.9 percent year-over-year.
“Our market has been a give-and-take story this year, with one month providing an increase in sales and the next month a decline,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy.
“What has been consistent is favorable interest rates for buyers and increasing home values for sellers. Pending sales were up while new listings were down, suggesting our sales may have one more up and down cycle to end the year.”
The median sales price increased 5.4 percent from $205,425 in October 2018 to $216,600 in October 2019. This is a drop from September 2019, when the median sales price was $225,063. The national median sales price increased 8.4 percent year-over-year to $254,800.
Homes spent an average of 35 days on the market, up three days from the previous year and up two days from the previous month. At the national level, homes spent 49 days on the market, up one day from the previous year.
A 3.1 months supply of homes was available, down from a 3.9 months supply the year before and a 3.2 months supply in September. There was also a 3.1 months supply nationally. A supply of six months is considered balanced.
Livingston County saw the largest year-over-year decrease in home sales – a 13.3 percent drop from 286 to 248. Macomb County saw a drop of 5.5 percent from 1,069 to 1,010, while Detroit’s decrease of 3.9 percent reflected a drop in sales from 358 to 344. Wayne County stayed flat with a drop of 0.1 percent, with a decrease in home sales from 1,661 to 1,659. Home sales increased in Oakland County by 4 percent, selling 1,524 homes, up from 1,466 the year prior.
The median price in Detroit saw the highest increase with a jump of 11.1 percent from $36,000 to $40,000. Oakland County followed with a price jump of 9.7 percent; the average home price increased from $244,750 to $268,500. Wayne, Livingston, and Macomb counties saw more modest increases of 5.3 percent from $132,000 to $139,000, 3.4 percent from $269,950 to $279,000, and 2.8 percent from $175,000 to $179,900, respectively.
Homes spent the most days on the market in Detroit – 44 – a 12.8 percent increase from 39. Homes in Oakland and Wayne counties spent 37 and 35 days on the market, respectively, showing increases of 12.1 and 25 percent from 33 and 28 days. In Macomb County, homes spent 33 days on the market, a 13.8 percent increase from 29 days the previous year. Livingston County saw an 8.1 percent decrease in the number of days, from 37 to 34.