Real Estate Update | February 2019

The winter months are rarely popular for Michigan’s real estate market, and with the recent snow, ice, and rain making its impact, the 2019 housing market is off to a seasonally slow start. However, that doesn’t mean all real estate activity is slowing down and Michigander’s should expect an uptick in activity in just a few short months.

Beginning with Washtenaw County, residential sales dipped 14.8% in January compared to a year ago, according to a new report from the Ann Arbor Area Board of Realtors. Average list prices increased compared to 2018, but average sales price for single-family homes remained flat. 300 new properties hit the market in January. 240 of which were single-family homes, resulting in a 13.7% increase from January 2018. Home sales were down 21.5% compared to January 2018, with 142 houses sold last month. The average sales price for single-family homes sold in January was $313,510, a slight increase from last January’s average. The median single-family home sales price was $266,000, a 7.3-percent increase from last year.

Moving into the Macomb and Oakland County housing market, we saw median sales prices continue an upward trend. In Macomb County, prices were up by almost 4% and Oakland County prices were up by more than 5% as well. Residential inventory was down again as we saw Macomb County’s inventory decrease more than 7% and Oakland County’s decrease by just under 8%. Average days on market have stayed about the same. Macomb County home prices were up by more than 6% and Oakland County prices were up by more than 5% since last year. In a historical look comparing 2018 with 2014; Macomb County prices have risen by 32% and Oakland County prices have risen just over 3%. For Livingston County and as seen in the majority of our Southeast Michigan markets, the number of closed sales in 2018 fell 10%. The over $500k market saw the most growth with a 14% increase in sales.

According to a report released by the Greater Regional Alliance of REALTORS® (GRAR), the total number of homes still available this month in Grand Rapids is 1,563. The current inventory is down 14.3% compared to the previous month and sales tallied 769, which is 16.6% lower than 922 sales made in the previous month. The average for sale price of homes in the Greater Grand Rapids Area for December is $331,000 up 0.6% from $329,000 last month. The median sold price in December was $190,000, up 0.5% from last month of $189,000.

A new report published by Coldwell Banker Real Estate LLC has revealed where the country’s wealthiest individuals are buying properties, listing the “Top 5 Power Markets” for luxury real estate. Based on the median prices for the top 10% of homes sold in the Power Markets, one of their key findings noted that Detroit has been ranked #2 in 2018’s Top 5 luxury seller power markets!

Thinking about buying or selling in the near future? Visit our website to browse our award-winning services and search for available homes in your area!

 

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