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Today, we answer our most commonly asked question: What's going on in Southeastern Michigan marketplace?
When we give these market updates, we use data compiled by Realcomp, the largest multiple listing service in Michigan. Here are the latest numbers:
What do these numbers mean for you? For one, they mean our market is quite healthy this year and continually improving. Take, for example, the amount of distressed property on the market: this year, 93.5% of market inventory is designated as non-foreclosures, whereas last year that numbers was only 90.3%! This means that our market is normalizing and is getting better by the day!
If you want a copy of the latest market statistics, or if you have real estate questions of any kind, give us call or shoot us a quick email. We would love to hear from you!
When we give these market updates, we use data compiled by Realcomp, the largest multiple listing service in Michigan. Here are the latest numbers:
- Sales for the month were up slightly (1%), from 5,143 to 5,193
- Median sale price was up 21.7%, from $118,000 to $143,550
- Average days on market increased by 1 day, from 55 to 56
- Inventory increased by approximately 6.3%
What do these numbers mean for you? For one, they mean our market is quite healthy this year and continually improving. Take, for example, the amount of distressed property on the market: this year, 93.5% of market inventory is designated as non-foreclosures, whereas last year that numbers was only 90.3%! This means that our market is normalizing and is getting better by the day!
If you want a copy of the latest market statistics, or if you have real estate questions of any kind, give us call or shoot us a quick email. We would love to hear from you!
