Background Color:
 
Background Pattern:
Reset
Friday, February 21, 2020
Search
August Single-Family Home Sales Statistical Highlights

August Apprehension: Home Sales Remain Steady Despite Inventory Woes

Residential Median Sale Prices Up 5.7% Across Southeast Michigan

Real Estate Market Commentary for August 2018:

Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.

While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions. The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.

Single-Family Real Estate Quick Comparisons:

  • Days on Market decreased by two (2) days overall in August, from 35 in 2017 to 33 in 2018.
  • There was an average of seven (7) showings per listing across the entire MLS during August. This was down by 2.9% Y-O-Y and 5.6% M-O-M.
  • 2.8% 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 1.6% based on the recalculated percentage for August 2017, which is 4.4%.The percentage of lender mediated listings is down by .3% M-O-M (compared to July, which was 3.1%).

Five Year (5) Comparisons

Five (5) Year Comparison of Median Sales Price for August

  Aug.-13* Aug.-14* Aug.-15* Aug.-16* Aug.-17* Aug.-18 5-Year Diff
All MLS $125,000 $142,117 $150,000 $158,000 $168,000 $177,500 42%
City of Detroit $11,700 $16,500 $23,500 $24,000 $36,000 $38,500 229.1%
Genesee County $79,900 $110,556 $123,500 $125,500 $135,500 $149,000 86.5%
Lapeer County $119,900 $138,000 $151,250 $161,000 $178,700 $173,500 44.7%
Livingston County $190,250 $210,000 $223,000 $240,000 $249,900 $266,978 40.33%
Macomb County $117,000 $132,000 $139,000 $155,000 $160,000 $165,000 41%
Oakland County $185,000 $205,100 $209,000 $225,000 $238,250 $257,000 39%
St. Clair County $109,950 $123,500 $123,600 $155,000 $142,000 $160,000 45.5%
Wayne County $80,000 $106,000 $117,900 $120,000 $130,000 $138,000 72.5%
Washtenaw County $210,000 $215,000 $218,990 $234,000 $255,000 $280,000 33.33%

* = Recalculated figures pulled from Realcomp’s MLS statistical database as of 9/11/2018.


September 2018

September-2018

Homesnap Launches in the Realcomp Market Today!

Homesnap Launches in the Realcomp Market Today!

LionDesk is Now Available for Realcomp REALTORS®!

LionDesk is Now Available for Realcomp REALTORS®!

August Single-Family Home Sales Statistical Highlights

August Single-Family Home Sales Statistical Highlights

Going to the Michigan REALTOR® Convention in Traverse City?

Going to the Michigan REALTOR® Convention in Traverse City?

Homesnap & LionDesk Coming to Realcomp REALTORS® this Month!

Homesnap & LionDesk Coming to Realcomp REALTORS® this Month!

Listing Agent Accompanied Showings

"Accompanied Showings," a recently released feature in Realcomp’s ShowingTime TM application, was designed for listing agents who prefer to accompany buyer's agents when showing their listings.

Realcomp Continues to G-R-O-W!

Please help us in welcoming the following NEW offices to Realcomp:

Secrets of Top Selling Agents Event

Secrets of Top Selling Agents Event

Backup Offers Only

As stated in Realcomp’s MLS Rules & Regulations, if a listing is under contract, and continues to be marketed for the purpose of gathering “Backup Offers Only” this information must be communicated to showing agents...

Recent Remine Updates that You’re Going to Love!

Realcomp is happy to announce the availability of deep links for Remine property data which have been added to RCO3®. The availability of these Remine links allow you to access Remine Public Records directly from listings in RCO3® without needing to login to Remine separately. This gives you easy access to the most up-to-date public record information available for properties, something we know is important to you!

REALTOR® Safety Tips Revisited

REALTOR® Safety Tips Revisited

Why Healthcare Is So Expensive by Elliot Eisenberg, President of GraphsandLaughs, LLC

September 2018 Article by Elliot Eisenberg, President of GraphsandLaughs, LLC,

RealcompMLS Mobile App Scheduled for Update in September

RealcompMLS Mobile App Scheduled for Update in September

Last Modified: Thursday, September 13, 2018