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Tuesday, August 22, 2017
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May Single-Family Home Sales Statistical Highlights
Amazing May: Median Home Sale Prices Still Soaring
May MLS Median Sale Price up 8.4% from 2016, Home Sales On the Rise


 

  • Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

    In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.
  • All MLS sales for the month were up by 4.3% Y-O-Y, from 7,726 to 8,059. All MLS sales increased M-O-M from 6,435.
  • New Statistic: The month of May registered an average of 22 showings on listings that were made pending (those with offers accepted) during the month. This compares to an average of 21 showings for May of 2016.
  • The median sale price for All MLS sales increased by 8.4% Y-O-Y, from $155,000 to $168,000. The All MLS median sale price increased M-O-M from $159,389.
  • Average Days On-Market (DOM) for All MLS sales decreased by 8 days Y-O-Y, from 50 to 42. The ALL MLS
    avg. DOM decreased M-O-M by 3 days.
  • All MLS on-market listings (inventory) decreased by 35.8% Y-O-Y from 27,840 to 17,862. All MLS on-market listings increased M-O-M from 16,552.
  • 4.7% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those marked as short sales. This percentage is down by 3% Y-O-Y based on the recalculated percentage for May, 2016, which is 7.7%. The percentage of lender mediated listings is down by .6% M-O-M (compared to April). The largest percentage of properties identified as lender-mediated fall into the price range of “$150,000 and Below”.
  • Fastest Selling (Avg. Days on Market [DOM] of 35 or less) Communities (with 10 or More Sales) YTD:
    1: New Haven Vlg—14 DOM
    24: Pittsfield Twp—30 DOM
    2: Farmington—19 DOM
    25: Imlay City—30 DOM
    3: Holly Vlg—21 DOM
    26: Auburn Hills—31 DOM
    4: Columbus Twp—21 DOM
    27: Rochester—31 DOM
    5: Berkley—22 DOM
    28: Huntington Woods—31 DOM
    6: Lathrup Vlg—22 DOM
    29: Sterling Heights—32 DOM
    7: Clawson—23 DOM
    30: Novi—32 DOM
    8: Livonia—24 DOM
    31: Plymouth Twp—32 DOM
    9: Cohoctah Twp—24 DOM
    32: Oceola Twp—32 DOM
    10: Brighton—25 DOM
    33: Melvindale—3DOM
    12: Pinckney Vlg—25 DOM 35: Dearborn—33 DOM
    13: Ferndale—27 DOM 36: Troy—33 DOM
    14: Walled Lake—27 DOM 37: South Lyon—33 DOM
    15: Oak Park—28 DOM 38: Plymouth—33 DOM
    16: Hamtramck—28 DOM 39: Detroit-Mack Ave to Harper Woods-Conner St to Gratiot—33 DOM
    17: Handy Twp—28 DOM 40: Royal Oak—34 DOM
    18: Fowlerville Vlg—28 DOM 41: Hartland Twp—34 DOM
    19: Madison Heights—29 DOM 42: Wolverine Lake Vlg—34 DOM
    20: Ann Arbor Twp—29 DOM 43: Waterford Twp—35 DOM
    21: Canton Twp—30 DOM 44: Saline—35 DOM
    22: Ann Arbor—30 DOM 45: Northville—35 DOM
    23: Hazel Park—30 DOM 46: Chelsea—35 DOM


 Last Modified: Sunday, June 11, 2017

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