Real Estate One®

Southeast Michigan Q2 2019

Summary

4,368

Available Homes
+11% from last month

1,716

New Pendings
-6% from last month

7,319

YTD Closed Sales
-2% from last year

$314K

YTD Avg Sale Price
+1% from last year

$161

YTD Price Per Sq Ft
+2% from last year

Monthly Activity

All

	Q2 2019	Q2 2018	2019 vs 2018
Available	4,368	3,907	12%
Closed	4,457	4,565	-2%
Months Supply	2.9	2.6	15%
Avg. Sale Price	$325k	$319k	2%
$ Vol (million)	1,450	1,458	-1%

$10k – $200k

	Q2 2019	Q2 2018	2019 vs 2018
Available	545	547	0%
Closed	1,197	1,347	-11%
Months Supply	2.9	2.6	15%
Value Change			2%

$200k – $400k

	Q2 2019	Q2 2018	2019 vs 2018
Available	1,605	1,323	21%
Closed	2,201	2,144	3%
Months Supply	2.2	1.9	18%
Value Change			2%

$400k – $800k

	Q2 2019	Q2 2018	2019 vs 2018
Available	1,623	1,432	13%
Closed	923	940	-2%
Months Supply	5.3	4.6	15%
Value Change			0%

$800k+

	Q2 2019	Q2 2018	2019 vs 2018
Available	595	605	-2%
Closed	136	134	1%
Months Supply	13.1	13.5	-3%
Value Change			1%

July 1st inventory was up 11% compared to last month and 12% compared to last year. June closed sales dropped slightly from May and new pendings were also down—a predictor that July sales may drop again. Second quarter and YTD sales were short of last year’s mark, but values have been up enough to nearly balance sold volume with last year. A 21% inventory increase in $200-400k price range helped make it the only price band without a YTD decline in sales. The rate of value increases continues to slow—especially in the upper price ranges. YTD price per square foot is up just 1% for closed sales priced over $400k. Oakland County’s waterfront market got off to a slow start with 22% fewer sales and an 8% decline in average sale price through the first half of the year.

Download the full report

Get our Michigan Housing Market Reports right in your inbox

Featured Stories

View all →

Michigan Property Taxes in a Nutshell

2 minutes
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]

Southeast Michigan 2024 Housing: Trends and Predictions

2 minutes
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]

’23 Market Summary and ’24 Predictions

< 1 minute
Deprecated: preg_split(): Passing null to parameter #2 ($subject) of type string is deprecated in /usr/share/wordpress/blog/reo_blog/wp-includes/formatting.php on line 3506
After a few years of supply shortages, inventory began to return to more normal levels in the second half of 2023. Demand remains strong and buyers continue to wait for [...]

View all featured stories →