According to the September 2022 regional housing report from RE/MAX of Southeastern Michigan in Troy, home sales had another rough month, plummeting 19.9 percent from 4,281 units to 3,431 unit year-over-year and adding 260 sales from this August.
Near identical results were reported for pending sales, dropping 20 percent year-over-year, from 4,031 to 3,225. This is down significantly as well from this August, which saw 3,912 pending sales.
“We are observing a shift to a more balanced market and that provides opportunities for both buyers and sellers. Buyers are no longer in bidding wars against other buyers and may even have the option for some negotiation,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan.
“While sellers are not seeing the extremely fast pace of home sales of last year, homes are still selling relatively quickly, and they can expect to sell for closer to asking price. Given the inventory challenges, rising interest rates and inflation, the market is proving to be pretty resilient so far.”
Prices continue to fluctuate, with the median sales price rising to $279,750 from $273,500, or 2.3 percent, and down from $292,488 in August. Homes continue to sell in less than one month on average despite gaining five average days spent on the market, from 24 to 29 both year-over-year and month-over-month.
Supply is seeing a slight rebound, reported at 2.3 months, up from 1.9 month-over-month. It is also up very slightly from 2.1 year-over-year. A supply of six months is considered balanced.
Year-over-year breakdowns by county show Oakland County saw the biggest decrease, dropping from 1,600 sales to 1,259, or 21.3 percent. Wayne County dropped 19.8 percent from 1,736 to 1,393. Macomb and Livingston counties dropped 17.7 and 17.1 percent respectively, or 682 home sales to 561 and 263 home sales to 218. The city of Detroit saw a 6 percent decrease in sales, dropping from 348 to 327.
Wayne County was the only in which the median sale price dropped, falling 1.1 percent from $185,000 to $183,000. Macomb County remained stagnant with a 0.6 percent increase, from $239,000 to $240,500. Oakland County and the city of Detroit increased 2.4 and 2.6 percent respectively, jumping from $325,000 to $333,000 and $75,000 to $77,000. Livingston County saw the largest spike, moving from $345,000 to $362,500, or 5.1 percent.
The average number of days a home spent on the market was down only in Livingston County, from 27 to 26 days. Oakland County gained three, jumping from 25 days to 28 year-over-year. Macomb County increased seven days from 22 to 29, the city of Detroit from 32 to 43, and Wayne County from 23 to 32.
