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It’s time for another market update. To help illustrate what’s been going on, I’d like to go over a few statistics from Realcomp—the largest multiple listing service in Michigan.
First of all, prices are up year over year by 3.4% from $159,500 to $165,000. Also, inventory levels are down by 26%. This has caused sales to decrease by about 2%.
Days on market are also down, decreasing by nine days since last year.
One interesting factor I found is that distressed sales currently make up 4.1% of the market. This a much healthier percentage than we saw during the recession, when that number was between 40% and 45%.
Finally, let’s take a look at the average showings for listings per month by county.
In Macomb County, the average number of showings per month is 5.2. The average in Oakland is 4.8. The third highest number of showings per month is in Wayne County, where the average is 4.2.
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A decrease in inventory has caused a decrease in sales year over year.
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Next, Washtenaw County is seeing an average of 3.9 showings per listing, Livingston County is seeing 3.3 showings, Genesee County has an average of 3.0 showings, and St. Clair County has an average of 2.7. Finally, Lapeer County and Monroe County have averages of 2.6 and 2.5 showings, respectively.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
