National Real Estate Commentary
U.S. existing-home sales rebounded from the previous month, rising to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
March-Local Activity
Closed Sales decreased 10.0 percent for Residential homes and 13.2 percent for Condo homes. Pending Sales decreased 6.2 percent for Residential homes and 1.7 percent for Condo homes. Inventory increased 18.2 percent for Residential homes and 24.1 percent for Condo homes.
The Median Sales Price increased 5.3 percent to $260,000 for Residential homes and 1.7 percent to $264,950 for Condo homes. Days on Market increased 15.0 percent for Residential homes and 27.5 percent for Condo homes. Months Supply of Inventory increased 18.8 percent for Residential homes and 26.3 percent for Condo homes.
“The number of homes on the market marks a 5-year March high and are up in double digits over this time a year ago,” said Karen Kage, CEO, Realcomp II Ltd. “This continues to bode well for those looking to buy a new home with an array of choices available.”
March Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 7.9% from 10,737 to 11,580.
- Pending Sales decreased by 5.6% from 8,898 to 8,400.
- Closed Sales decreased by 10.4% from 7,826 to 7,012.
- Average days on Market (DOM) increased by 7 days from 40 to 47.
- Median Sale Price increased by 4.0% from $250,000 to $260,000.
- Percentage of last list price received decreased slightly by .6% from 99.3% to 98.7%.
- Inventory of Homes for Sale increased by 19% from 14,685 to 17,479.
- Month’s Supply of Inventory increased by 17.6% from 1.7 to 2.0.
- Average Showings per Home decreased from 11.3 to 7.5.
- Listings that were both listed and pended in the same month were at 4,013. This represents 34.7% of the new listings for the month and 47.8% of the pended listings.
March 5-Year Perspectives -- Residential & Condos Combined -- All MLS
March 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- Genessee County Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
March 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
March 5-Year Perspectives -- Residential & Condos Combined -- Wayne County Numbers
*high points noted with an asterisk.
Note: These numbers represent real estate market activity in the lower part of Michigan. Be sure to contact a REALTOR® for their expertise about local markets. Find a REALTOR® in your market at www.MoveInMichigan.com.
Realcomp Shareholder Boards & Associations of REALTORS®:
- DABOR, Andrea Kuentz, CEO, 313-278-2220
- DAR, Sharon Armour, EVP, 313-962-1313
- ETAR, Laura VanHouteghen, 810-982-6889
- GPBR, Bob Taylor, CEO, 313-882-8000
- LUTAR, 810-664-0271
- LCAR, Terri Fratarcangeli, EVP, 810-225-1100
- NOCBOR, Patricia Jacobs, EVP, 248-674-4080
