Market Conditions for Sterling Heights

October 2018

Median Sale Price

$197,900

DOWN DOWN -0.52% vs. Month Ago

Homes For Sale

176

DOWN DOWN -7.36% vs. Month Ago

Homes Sold

105

UP UP 34.61% vs. Month Ago

Average Days On Market

32

UP UP 100.00% vs. Month Ago

Median Sale Price

$197,900

The median sale price for homes in October was $197,900. The median sales price for homes in October fell by ($1,050) compared to last month. This represents a 0.52% decrease from September. Compared to the same month last year, the median price of homes rose by $17,400 representing a 9.63% 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

176

The inventory of homes for sale fell by 14 in October to 176. This represents 7.36% decrease from September when 190 homes were on the market.Compared to the same month last year when there were 164 homes for sale, the inventory of homes for sale has fallen by risen by 12 representing a 7.31% 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

105

The 105 homes sold in October was 27 more than in September. This represents a 34.61% increase in sales from September. Compared to the same month last year, the number of homes sold increased by 11, a 11.7% year-over-year increase.

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

32

The average days on market for a home sold in October (32) increased by 16 days compared to September. This represents a 100% increase 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 1, a 3.22% 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

95.62%

The Sale/List Price Ratio of 95.62% in October fell by 1.87% compared to September and decreased 0.41% 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

118

The number of homes listed in October (118) fell by 23 compared to September, a 16.31% change. Compared to October 2017, the number of new listings increased by 20, a 20.4% 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

$204,900

The median list price in October was $204,900. The median list price for homes in October rose by $5,000 compared to last month. This represents a 2.5% increase from September. Compared to the same month last year, the median list price of homes increased $7,400 representing a 3.74% 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.