An increase in home sales in metro Detroit blew past the nation’s market activity in February, according to the most recent RE/MAX Housing Report of Southeastern Michigan. Home sales year-over-year increased 4.4 percent in the region while they dropped 4.2 percent year-over-year nationally.
Last month, 2,746 homes were sold in metro Detroit, up from 2,631 the prior year and down from 2,867 the prior month.
“Our local market bucked the national trend as we saw an increase in homes sales in February,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy. “Pending deals were up by more than 15 percent, which indicates the extra inventory that came on the market in January was quickly scooped up by eager buyers. An increase in activity has us optimistic for a solid spring season.”
The median sales price increased 2.8 percent year-over-year to $199,250, up from $189,875 in February 2018 and down from January 2019’s $199,375. All of these numbers are lower than the $240,000 national median sales price, which is up 5.5 percent year-over-year.
Houses spent an average of 49 days in the market in metro Detroit, up one day from last year and up eight days from January. Nationally, houses spent an average 63 days on the market, up one day year-over-year.
There was a 2.2-month supply of homes available in February 2019, down from a 2.4-month supply year-over-year and a 2.5-month supply month-over-month. A 3.4-month supply was available nationally. A supply of six months is considered balanced.
Livingston County saw a 12.8-percent increase in home sales, selling 141. Oakland County saw the next-highest increase, 9.6 percent, selling 904. The most houses – 1,118 – were sold in Wayne County, creating a year-over-year increase of 2.7 percent. Home sales decreased by 1.5 percent in Macomb County, where 583 houses were sold. In Detroit, 287 homes were sold, a 6.3-percent year-over-year increase. This is the first report that includes data specific to Detroit.
Detroit saw the largest increase in median price – a jump of 22 percent – but its median home price was the lowest at $35,000. Median price increased 8.7 percent in Wayne County to $125,000. Livingston and Macomb counties each saw median price increases of 4.1 percent, with prices at $255,000 and $166,000, respectively. Oakland County saw a 2.1-percent drop in price to $235,000.
Livingston County and Detroit houses spent an average 58 days on the market, increases of 9.4 percent and 13.7 percent year-over-year, respectively. Oakland County houses spent an average 49 days on the market, an increase of 6.5 percent, Wayne County houses spent an average 46 days on the market, an increase of 4.5 percent, and Macomb County houses spent an average 44 days on the market, a decrease of 6.4 percent.