Blog > Housing Report > Southeast Michigan > Southeast Michigan Q2 2019

Southeast Michigan Q2 2019

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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 2019Q2 20182019 vs 2018
Available4,3683,90712%
Closed4,4574,565-2%
Months Supply2.92.615%
Avg. Sale Price$325k$319k2%
$ Vol (million)1,4501,458-1%

$10k – $200k

Q2 2019Q2 20182019 vs 2018
Available5455470%
Closed1,1971,347-11%
Months Supply2.92.615%
Value Change2%

$200k – $400k

Q2 2019Q2 20182019 vs 2018
Available1,6051,32321%
Closed2,2012,1443%
Months Supply2.21.918%
Value Change2%

$400k – $800k

Q2 2019Q2 20182019 vs 2018
Available1,6231,43213%
Closed923940-2%
Months Supply5.34.615%
Value Change0%

$800k+

Q2 2019Q2 20182019 vs 2018
Available595605-2%
Closed1361341%
Months Supply13.113.5-3%
Value Change1%

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.

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