SE Michigan Dec 2016 Stats Show Home Values Rise

Real Estate

Residential Home Median Sales Price Climbed in December
Inventory Remains Low, Sales Leveled           

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

The median sale price for All MLS sales was up 7.2% Year Over Year, from $139,950 to $150,000.
Average Days On-Market (DOM) for All MLS sales decreased by 4 days Year Over Year, from 56 to 52. ALL MLS average Days On Market increased Month Over Month by 5 days.

Stats for foreclosures and short sales (lender mediated)  is 6.9% of Residential and Condo On-Market listings. This percentage is down based on the recalculated percentage for December, 2015, which is 10.1%. The percentage of lender mediated listings is up slightly by .5% M-O-M (from November). The largest percentage of properties identified as lender-mediated fall into the price range of “$150,000 and Below”.