Southeast Michigan Q1 2019
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Summary
9053
Available Properties
-2% from last year
9,024
YTD Closed Sales
-3% from last year
$216k
YTD Avg Sale Price
+2% from last year
$129
YTD Price Per Sq Feet
+3% from last year
Monthly Activity
All
| Q1 2019 | Q1 2018 | 2019 vs 2018 | |
| Available | 9,053 | 7,776 | 16% |
| Closed | 9,024 | 9,315 | -3% |
| Months Supply | 3.0 | 2.5 | 20% |
| Avg. Sale Price | $216k | $211k | 2% |
| $ Vol (million) | 1,946 | 1,969 | -1% |
$10k – $125k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 3,078 | 2,722 | 13% |
| Closed | 3,583 | 3,946 | -9% |
| Months Supply | 2.6 | 2.1 | 25% |
| Value Change | 3% |
$125k – $200k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 1,316 | 1,107 | 19% |
| Closed | 2,644 | 2,595 | 2% |
| Months Supply | 1.5 | 1.3 | 23% |
| Value Change | 2% |
$200k – $350k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 2,937 | 2,350 | 25% |
| Closed | 2,336 | 2,302 | 1% |
| Months Supply | 3.8 | 3.1 | 23% |
| Value Change | 2% |
$350k+
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 1,772 | 1,597 | 8% |
| Closed | 461 | 472 | -2% |
| Months Supply | 11.2 | 10.2 | 10% |
| Value Change | -1% |
April 1st inventory was down slightly from last month, but up 16% compared to a year ago. While March new pendings jumped up 44% from last month, they were down slightly from a year ago. Likewise, March closed sales were up 20% from the prior month but down 20% compared to a year ago.
An unexpected drop in interest rates provided a boost in activity, but while YTD average price and price per square foot are up slightly, closed sales are down a little more, leaving YTD closed volume 1% off last year’s pace.
Values are expected to rise at slower rates and be flat in upper price ranges. Demand remains strong, but a shortage of affordable move-in-ready homes continues to hinder buyers in the entry and mid-priced markets. Expect this year’s sales to lag behind last year, with volume nearly level due to increase in sales price
