Report: Home Sales Down, Median Sales Price Up in January to Nearly $200K
Homes sales in Livingston, Macomb, Oakland, and Wayne counties were down an average 6.6 percent year-over-year in January, while the median sales price increased 7.2 percent, according to the most recent RE/MAX Housing Report of Southeastern Michigan.
“What caught our attention in January was an increase in the number of new listings to come on the market and more pending sales,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy. “This is a signal that the market may be shifting. And despite unfavorable weather conditions, there has been significant open house activity to attract and keep buyers active in the market.”
The number of houses sold in January was 2,867, down from 3,070 in January 2018 and 3,420 in December 2018. Nationally, home sales have decreased 11 percent year-over-year.
January’s median sales price was $199,375, which is up from the previous year’s $186,007, but down from December’s $203,075. The median sales prices for the nation is $234,000, which is up 4.6 percent since January 2018.
Houses spent an average 44 days on the market during the month, up three days from January 2018 and up two days from December 2018. This is less than the national average of 59 days, which is down one day year-over-year.
A 2.5-month supply of houses was available in the region in January 2019, up from 2.3 months year-over-year and 2.6 months from December 2018. Nationally, a 3.9-month supply was available. An available supply of six months on the housing market is considered balanced.
By county, Livingston saw an increase in home sales by 13.4 percent year-over-year from 142 in January 2018 to 161 in January 2019. Macomb saw the biggest drop — 14.5 percent — from 746 sold in January 2018 and 638 in January 2019. Oakland and Wayne counties also saw drops of 8.8 percent (964 to 879) and 2.4 percent (1,218 to 1,189) respectively.
All four counties saw an increase in the median price. Livingston County’s was the greatest at 18.5 percent, and its prices grew from $234,128 in January 2018 to $277,500 this January. Macomb, Oakland, and Wayne counties saw more modest growth, with 0.6 percent to $160,000, 2.2 percent to $240,000, and 3.4 percent to $120,000, respectively.
Macomb County’s houses were on the market for an average of 39 days, a number that did not change from the previous year. Oakland County houses spent an average of 43 days on the market, up from 40 days in January 2018. Houses in Wayne County spent an average of 45 days on the market, up from 41, and Livingston County houses spent an average of 49 days on the market, up from 45 days year-over-year.
Grace Turner, dbusiness.