Here’s what is happening in the 3rd quarter of Michigan’s real estate market. RealComp’s most recent analytics point to the fact that the extended boom in residential real estate sales across Southeast Michigan may be peaking…though many foresee the market will remain in favor of sellers.
In the majority of the 18 counties composed of Southeastern Michigan, the number of listings dropped drastically from the previous year. There were 23,832 homes on the market in September, which is 15% less than last year, according to RealComp. The number of houses sold in Southeastern Michigan was down 5.7% last month compared with the same month last year, while the median sale price climbed by 5.5% to $169,900. In the tri-county area, Oakland County felt the biggest pinch, with residential home sales down 8.9%. The median sale price of homes in Oakland County climbed 1.8% to $235,000. The number of listings were also down 13.6% to 5,209.
Here’s how the year-over-year numbers looked within the other major communities across Southeast Michigan:
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The median sale price for a single-family home in the Lansing-area last month was $150,000, which accounts for a 2.2% increase over the prior year, according to the Greater Lansing Association of REALTORS®. Houses under $250,000 are quick to sell and supply for those homes has been hovering between 1 to 4-months for the tri-county/mid-Michigan area. For homes around $300,000, the region’s market is balanced with inventory roughly on par with demand. The market shifts sharply in favor of buyers for luxury homes that cost more than $500,000. Demand also depends on location. The most popular communities for home buyers are outlying areas like Holt, Okemos and Grand Ledge.
The lack of available inventory continues to be a common theme, especially in the entry-level price ranges. Both 2nd quarter and year-to-date closed sales have dropped 7%, while average price with its 6% increase has nearly balanced closed sales volume with last year.
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