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Monday, January 22, 2018
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December Single-Family Home Sales Statistical Highlights
Ending on a High Note: Year Ends with an 8.7% Increase in Median Home Sales Price

Monthly Sales Down by 8.6%, Inventory Down by 25.1%



December Monthly Highlights:

The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.

Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.

  • All single-family home sales for the month were down by 8.6% Y-O-Y, from 7,274 to 6,647. All MLS sales decreased M-O-M from 6,857.

  • The median sale price for All MLS sales increased by 8.7% Y-O-Y, from $150,000 to $163,000. The All MLS median sale price increased M-O-M from $160,850.

  • Average Days On-Market (DOM) for All MLS sales decreased by 9 days Y-O-Y, from 54 to 45. The ALL MLS avg. DOM increased by 5 days M-O-M from 40.

  • All MLS on-market listings (inventory) decreased by 25.1% Y-O-Y from 23,368 to 17,491.&nbpsp;All MLS on-market listings decreased M-O-M from 17,880.

  • 7.7% 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 .2% based on the recalculated percentage for December 2016, which is 7.9%. The percentage of lender mediated listings is up by 3.2% M-O-M (compared to November) from 4.5%.

  • Sales were particularly strong in November in Washtenaw County, showing an increase of 25.2% Y-O-Y from 321 units to 402.

Realcomp Subscribers: Access Realcomp's full statistical reports for December, Q4-2017, and all of 2017 by logging into our Showing Time Market Stats program (through the Clareity Dashboard) and clicking on "FastStats" from the menu bar. 

 Last Modified: Friday, January 12, 2018

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