More homes sold in April 2019 year-over-year, according to the RE/MAX Housing Report of Southeastern Michigan. The median sales price also increased, and homes spent more days on the market.
The number of homes sold increased 7.9 percent year-over-year to 3,971 in April 2019, up from 3,679 the previous year and 3,634 in March 2019. Nationally, home sales decreased 1.1 percent year-over-year.
The median sales price increased 4.6 percent year-over-year to $212,125, up from $202,713 the year before and $210,300 month-over-month. The region’s median sales price is lower than the nation’s $251,000, which reflects a 2.1-percent increase year-over-year.
“April was an active month with a solid increase in home sales,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “Even more telling is that pending deals in April were up 15 percent over last year. This is further evidence that we can expect a strong spring selling season. Buyers are out in force, so if you are considering, selling now could be a great time to take advance of favorable market conditions.”
Houses spent 42 days on the market, five more than in April 2018 and four less than in March 2019. Nationally, they spent an average 52 days on the market, one day more than the previous year. The region had a 2.3-month supply of homes available, down from 2.6 months in April 2018 and up from 2.2 months in March 2019. A six-month supply is considered balanced. Nationally, a 2.6-month supply was available.
Home sales increased the most in Macomb County – 13.6 percent – selling 937 homes compared the previous year’s 825. Wayne County came in at a close second, its 1,531 homes sold a 12.6-percent increase over April 2018’s 1,360. About 1.8 percent more homes were sold in Detroit between April 2019 and April 2018, the difference between 345 and 339. Oakland and Livingston counties stayed relatively flat with 0.6-percent and 0.5-percent increases to 1,288 and 215, respectively.
The median price was the highest in Livingston County – $280,000, a 4.1-percent increase from the previous year – closely followed by Oakland County, which had a median sales price of $270,000, up 7.1 percent from the previous year. The median price for Macomb and Wayne counties were $173,500 and $125,000, respectively, increasing 2.1 percent and 4.2 percent. Detroit’s median home price was the lowest – $39,900 – but the city saw the greatest increase in median price year-over-year at 42.5 percent, up from $28,000.
Homes spent 49 days on the market in Livingston County, up from 43 days year-over-year; 35 days in Macomb, up from 32; 39 days in Oakland, up from 35; 43 in Wayne, up from 38; and 57 in Detroit, up from 53.