Market Conditions for Northville

June 2018

Median Sale Price

$380,000

UP UP 1.68% vs. Month Ago

Homes For Sale

228

UP UP 10.67% vs. Month Ago

Homes Sold

69

UP UP 1.47% vs. Month Ago

Average Days On Market

21

DOWN DOWN -32.25% vs. Month Ago

Median Sale Price

$380,000

The median sale price for homes in June was $380,000. The median sales price for homes in June rose by $6,300 compared to last month. This represents a 1.68% increase from May. Compared to the same month last year, the median price of homes fell by ($5,000) representing a -1.29% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale

228

The inventory of homes for sale rose by 22 in June to 228. This represents 10.67% increase from May when 206 homes were on the market.Compared to the same month last year when there were 171 homes for sale, the inventory of homes for sale has fallen by risen by 57 representing a 33.33% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold

69

The 69 homes sold in June was 1 more than in May. This represents a 1.47% increase in sales from May. Compared to the same month last year, the number of homes sold decreased by 11, a -13.75% year-over-year decrease.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market

21

The average days on market for a home sold in June (21) decreased by 10 days compared to May. This represents a 32.25% decrease in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold increased by 5, a 31.25% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

96.49%

The Sale/List Price Ratio of 96.49% in June fell by 1.34% compared to May and decreased 1.64% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes

138

The number of homes listed in June (138) fell by 7 compared to May, a 4.82% change. Compared to June 2017, the number of new listings decreased by 26, a -15.85% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price

$499,490

The median list price in June was $499,490. The median list price for homes in June rose by $24,490 compared to last month. This represents a 5.15% increase from May. Compared to the same month last year, the median list price of homes increased $27,040 representing a 5.72% year-over-year increase.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.