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 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 4,368 | 3,907 | 12% |
| Closed | 4,457 | 4,565 | -2% |
| Months Supply | 2.9 | 2.6 | 15% |
| Avg. Sale Price | $325k | $319k | 2% |
| $ Vol (million) | 1,450 | 1,458 | -1% |
$10k – $200k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 545 | 547 | 0% |
| Closed | 1,197 | 1,347 | -11% |
| Months Supply | 2.9 | 2.6 | 15% |
| Value Change | 2% |
$200k – $400k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 1,605 | 1,323 | 21% |
| Closed | 2,201 | 2,144 | 3% |
| Months Supply | 2.2 | 1.9 | 18% |
| Value Change | 2% |
$400k – $800k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 1,623 | 1,432 | 13% |
| Closed | 923 | 940 | -2% |
| Months Supply | 5.3 | 4.6 | 15% |
| Value Change | 0% |
$800k+
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 595 | 605 | -2% |
| Closed | 136 | 134 | 1% |
| Months Supply | 13.1 | 13.5 | -3% |
| Value Change | 1% |
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.
