Home sales in metro Detroit increased 5.3 percent year-over-year in September, when 4,405 homes were sold, up from 4,182 homes, according to the release today of the September 2019 RE/MAX of Southeastern Michigan Housing Report.
September’s sales activity was a decrease from August when 4,950 homes were sold, and falls short of the nation’s year-over-year increase of 8.1 percent.
“After a lackluster summer season, September rebounded with more activity and sales,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy. “The robust activity was encouraging, especially with the GM strike playing out locally. The market still has some challenges with rising prices and a lack of inventory, but pending sales point to an excellent start to the fall season.”
The median sales price also increased 8.3 percent to $225,063 year-over-year, up from $207,838. This is a decrease from August’s median sales price of $226,863. Nationally, the median sales price increased 4.5 percent year-over-year to $254,500.
Homes spent an average 33 days on the market, up five days year-over-year and two days from August 2019. Nationally, homes spent 46 days on the market, which is the same year-over-year.
A 3.2-month supply of homes was available. This is the same as the national inventory, down from 3.9 months in September 2018, and the same as August 2019. A supply of six months is considered balanced.
Oakland County saw the biggest increase in home sales with a 9.5 percent jump year-over-year from 1,394 homes to 1,526 homes. The most homes – 1,658 – sold in Wayne County, a 2.9 percent increase from 1,611 homes the year before. Home sales increased in Livingston County by 3.2 percent year-over-year from 249 homes to 257 homes, as well as in Macomb County by 3.9 percent from 928 to 964 homes. Home sales decreased in Detroit by 21.2 percent; 363 homes were sold in September 2018 and 286 were sold in September 2019.
The median price increased the most in Detroit from September 2018, selling for $40,000 compared to $35,000, a 14.3 percent jump. The median price in Wayne County jumped 10.7 percent from $126,500 to $140,000 and by 9.1 percent in Oakland Country from $249,950 to $272,750. In Livingston County, the median price was $297,500, up 8.2 percent from $274,900 the previous year. In Macomb County, the median price increased by 5.6 percent from $180,000 to $190,000 year-over-year.
Homes in Detroit spent the most days on the market – 49 – a 6.5 percent increase from 46 days the previous year. It took an average 37 days for homes in Livingston County to sell, up 8.8 percent from 34 days in September 2018. Homes in Oakland and Wayne counties spent 33 and 32 days on the market, respectively, jumps of 22.2 percent from 27 days and 14.3 percent from 28 days, respectively. Homes spent 30 days on the market in Macomb County, an increase of 25 percent from 24 days the previous year.