- Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
- All MLS sales for the month were up by .1% Y-O-Y, from 6,734 to 6,738. All MLS sales increased M-O-M from 6,605.
- The median sale price for All MLS sales was up 7.2% Y-O-Y, from $139,950 to $150,000. All MLS median sale price decreased M-O-M from $151,450.
- Average Days On-Market (DOM) for All MLS sales decreased by 4 days Y-O-Y, from 56 to 52. ALL MLS avg. DOM increased M-O-M by 5 days.
- All MLS on-market listings (inventory) decreased by 38.8%, from 29,568 to 18,091. All MLS on-market listings decreased M-O-M from 20,357.
- 6.9% 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 Y-O-Y based on the recalculated percentage for December, 2015, which is 10.1%. The percentage of lender mediated listings is up slightly by .5% M-O-M (from November). The largest percentage of properties identified as lender-mediated fall into the price range of “$150,000 and Below”.
- Communities with the most sales in December: 1) Detroit, 2) Warren, 3) Livonia, 4) Clinton Twp.-Macomb, 5) Royal Oak, 6) Canton Twp., 7) Sterling Heights, 8) Macomb Twp., 9) Dearborn, and 10) Westland.
- December is the 6th month for Realcomp to produce sales statistics based on recent data sharing expansion efforts. The inclusion of this data provides a more complete picture of home sales in 2016 and 2015, which were facilitated by REALTORS® in SE Michigan. The numbers for December, 2015 have been adjusted to include our data share listings.