The summer of 2016 has followed the same trends as the winter and spring, with inventories remaining tight across all markets under $500,000, particularly in the $100,000-$250,000 segments. Sales are up in most markets above $100,000, as are new listings entering the market, which might start to give some relief to buyers frustrated with their home search. About one third of homes sold were on the market for 10 days or less, while the majority of homes (50%) remained for 30 days or less. Thus, it is clear that properties priced well, and in the best condition, are still selling in days or weeks, as opposed to months. For the under $250,000 price points about 50% are selling for equal to or above asking price. For the $250,000-$500,000 markets, about 30% are selling at or above asking price, and for the over $500,000 homes, it’s about 25%. The vast majority of those sales at or above asking price are occurring within the first 30 days across all price ranges.
While overall 2nd Quarter market activity was up slightly in most markets and down slightly in a few, values as measured in “Price per Square Foot” ($/SF) were up in all Southeast Michigan markets, (several by 30%) compared to the 2nd Quarter of 2015.
The number of Oakland County homes sold in June 2016 was up 14% over May 2016 and was about the same as last June. June values (as indicated by closed $/SF) were 24% higher than they were a year ago.
In comparing the 2nd Quarter of 2016 to the 2nd Quarter of 2015, units were up slightly and values were up 22%. There are less than 2 months of available inventory in all price ranges under $400,000. Going up in price, the $400k-$600k market has 3 months of inventory, the $600k-$1M market has 6 months, and the over $1M market has 11 months. In the 2nd Quarter of 2016 $/SF in the over $1M market increased 39%, from $234/SF to $342/SF over the same period last year.
In June 2016 Macomb sales were up 5% over May 2016 but down 8% from a year ago. This June’s values were up 6% over last month’s and 12% over June 2015.
During the 2nd Quarter of 2016 units were about the same as last year but values were up by about 10% in most price ranges, and 3% in the over $500k range. Overall, Macomb homes have been taking a little longer to sell with “Days on Market” (market time) increasing by 11% to 68 days, compared to 62 days for the 2nd Quarter of 2015.