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Sunday, October 17, 2021
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August Single-Family Home Sales Statistical Highlights

MORE SELLERS OPT TO ENTER MARKETPLACE
Rise in new listings portends potential positive impact on inventory levels

Quick Facts Image displaying YOY change

August Real Estate Market Commentary:

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

Closed Sales decreased 12.1 percent for Residential homes and 13.2 percent for Condo homes. Pending Sales decreased 10.6 percent for Residential homes and 9.8 percent for Condo homes. Inventory decreased 18.3 percent for Residential homes and 36.5 percent for Condo homes. The Median Sales Price increased 12.2 percent to $239,000 for Residential homes and 10.5 percent to $210,000 for Condo homes. Days on Market decreased 58.0 percent for Residential homes and 50.9 percent for Condo homes. Months Supply of Inventory decreased 26.1 percent for Residential homes and 46.7 percent for Condo homes.

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

All Residential and Condos Combined Overview

August Year-Over-Year Res & Condo (Combined) Quick Comparisons:

  • Median Sale Price was up by 11.9% from $210,000 to $235,000.
  • The average days on market (DOM) decreased by 56.9% from 51 to 22 days.
  • The average % of the last list price received increased by 2.2% from 99.1% to 101.3%.
  • New Listings increased by 3.3% from 16,125 to 16,653.
  • Average Showings per Home decreased from 10.8 to 10.1.
  • Pending Sales were down by 10.5% from 14,444 to 12,921.
  • Closed Sales were down by 12.3% from 13,945 to 12,235.
  • Listings that were both listed and pended in the same month were at 6,877. This represents 41.30% of the new listings for the month and 53.22% of the pended listings.
  • Months-Supply of Inventory was down by 26.1% from 2.3 to 1.7.

Statistics summary by county image


Last Modified: Friday, September 17, 2021

September 2021

September 2021

Add/Update Your Photo on MoveInMichigan.com

Realcomp staff is busy working on an update for our public search site, MoveinMichigan.com, the public search site where people can go to look for properties and/or search for a REALTOR. While we anticipate the new and improved MoveInMichigan.com, this is an excellent time to make sure your information, including photos is up to date.

Administrative Fees to Buyers No Longer Required to be Published in the MLS

Administrative Fees to Buyers No Longer Required to be Published in the MLS

Attention Listing Load Admin Staff: Remine Has Implemented a Time Saving Docs+ Document Upload Feature!

Effective immediately, when you click on the document upload icon/link (shown below) on a report or flyer, you will AUTOMATICALLY be taken to Remine and be impersonating that listing agent. No longer is it necessary to go through the extra steps that were previously associated with an administrative user impersonating an agent.

August Single-Family Home Sales Statistical Highlights

August Single-Family Home Sales Statistical Highlights

Coming to Docs+ on September 23

You will now have the ability to resend/remind signers that there is an e-sign in progress.

Docs August Updates

The following Docs+ Updates were completed in August.

Feature of the Month: SentriKey STOPWATCH

When showing a SentriLock electronic lockbox property and using your SentriKey app, you can end the showing by clicking the STOPWATCH icon.

Need to PRINT an Electronic Form from Remine Docs+? Download>OK>Print

Need to PRINT an Electronic Form from Remine Docs+? Download>OK>Print. Choose the form you want to print, DOWNLOAD it (using the Download icon from the upper right-hand portion of the screen), click OK, and then choose the PRINT button.

Realcomp & Office Depot Discount Benefit

Realcomp has successfully negotiated an extension of our current agreement with LoneWolf for TransactionDesk. Based on this, the older offering will be phased out on October 31, 2021 (instead of September 30, 2021) and replaced with Remine’s Docs+.

Realcomp’s Retirement of TransactionDesk Suite Extended through October 31, 2021

Realcomp has successfully negotiated an extension of our current agreement with LoneWolf for TransactionDesk. Based on this, the older offering will be phased out on October 31, 2021 (instead of September 30, 2021) and replaced with Remine’s Docs+.

Realist Updates August 2021

Realist Updates August 2021

Rentals on Facebook Marketplace

“Effective Monday, September 13, 2021, Facebook will no longer be featuring rental listings via partner feeds on Facebook Marketplace. This decision comes as Facebook has decided to focus its energy on other sectors of the Marketplace (i.e. shipped goods, on-site checkout, etc.). As a result, it is no longer featuring automatic feeds of rental data from partners like Homesnap. This was a unilateral decision by Facebook that Homesnap has no input or control over.”

SentriKey STOPWATCH

When showing a SentriLock electronic lockbox property and using your SentriKey app, you can end the showing by clicking the STOPWATCH icon.

ShowingTime Updates

ShowingTime’s New Waitlist Option Can Help You Access Popular Listings

Tip for Successfully Uploading Documents to Your Listing Every Time!

To upload documents to your listing, be sure to follow the instructions (revised in Spring 2021) for accomplishing this via RCO3® & Remine Docs+. The workflow for uploading documents to listings was modified this past Spring when the Docs+ module was implemented and is no longer included in the Input or Edit/Modify Listing functions.

Webinar: Using InfoSparks and FastStats to Understand Your Housing Market

Signup to attend and get an in-depth look at how to use MarketStats tools to analyze your local housing market. You will learn how to use InfoSparks and FastStats to better understand local trends, provide market expertise for your clients and as a marketing tool for generating leads. Already using these tools? Bring your questions and we’ll answer them live!