Metro Detroit real estate market cools only slightly with the onset of fall
The metro Detroit real estate market remains hot for sellers and often frustrating for potential buyers, but continues to decline from its spring and early summer highs.
The median selling price of homes and condos was $ 236,700 in October, up more than 7% from the previous year, according to figures released this week by multiple listing service Realcomp, which defines the metropolitan area such as Oakland, Wayne, Macomb and Livingston counties. .
The number of market listings decreased by almost 13% and the average number of days in the market was 24 days compared to 31 days in October 2020. Total sales were down 15%.
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While these numbers show that sellers are still in an enviable position, the market has cooled a few degrees from the start of the year, which usually happens in the fall. In June, the median selling price of $ 255,000 was a 17% year-over-year jump and there were even fewer listings in the market.
“Is it cooler, so to speak, in the spring?” Yes, âsaid Jeanette Schneider, President of RE / MAX Southeast Michigan. âBack then, we were seeing queues to enter homes, literally, and you would potentially have over 20 offers on some listings. What we see today, if there are several offers, it could be two, three or four. “
Schneider said having more homes for sale available now compared to the spring has helped take some of the frenzy out of the market.
Buyers have also become more judicious about properties and are no longer making as many ‘fear of miss’ offers as they used to be.
“I really think some people just stepped back and said, ‘What do we do?’ she said. “Is this house really what we are looking for? If so, all the better, then I will make an offer. If that doesn’t really match what I’m looking for, it’s OK to pass this on one. “
Bart Patterson, real estate agent and vice president of RE / MAX Classic in western Wayne County, said that even with the transition into the fall season, homes on the market are still getting their asking price.
âYou always get pretty much the best price,â he said. “I would say between 2% and 3% of the list price. If you have the right price, you’re probably 100%.”
He added: “And if you buy, you still get the interest rate.”
The average rate this week on a 30-year fixed-rate mortgage is 3.1%, according to mortgage giant Freddie Mac. While this is a stain above the average of 2.7% a year ago, it is still extremely low by historical standards.
Home prices in many parts of Michigan and across the country have hit all-time highs this year.
According to the latest S&P CoreLogic Case-Shiller Index, prices in the Detroit metro area in August were 144% above their lows hit following the Great Recession, a leading indicator.
Median home selling prices in October
- Oakland County, $ 301,000
- Wayne County, $ 180,000
- Macomb County, $ 224,900
- Livingston County, $ 325,000
- Monroe County, $ 225,000
- Washtenaw County, $ 325,000
Source: Realcomp. Data does not include private sales or owner-sell transactions