May 2012 Metro Detroit Housing & Real Estate Update
Posted by MARK Z. Home Selling Team on Tuesday, June 12th, 2012 at 6:50pm.
Metro Detroit Home Sales, Prices Spike Over May 2011
Reduced Inventory Results in Higher Overall Median Sales Price
Analysis:
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Average Days on Market (DOM) for the entire MLS decreased from last year by 13 days from 97 days to 84 days.
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Of the 6,325 sales closed in May of this year, 11.6% (735) were identified as short sales
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46% of all sales this month were identified as CASH SALES
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The median sales price for All MLS rose by 21% as compared to last year
Synopsis of Inventory May 2011 vs. May 2012
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All MLS on-market inventory declined by 17.6% from 33,029 in May 2011 to 27,227 in May 2012
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Approximately 13.41% of the on-market inventory (3,652) is comprised of properties identified as foreclosures
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Approximately 21.65% of the on-market inventory (5,897) is comprised of properties identified as short sales.
May 2012 vs May 2011 Number of Residentail and Condo Sales Comparison
May 2012 vs. May 2011 MEDIAN SALES PRICE COMPARISON
May 2012 vs. May 2011 Listing Inventory Comparison or Number of Listings on Market
Foreclosure vs. Non-Foreclosure Sales
Median Sales Price
Average Days On Market
Notes:
- The Detroit area includes the City of Detroit as well as Hamtramck, Harper Woods & Highland Park.
- Greater Wayne County represents Wayne County minus the city of Detroit
- Metro-Detroit encompasses Oakland, Wayne, Livingston, & Macomb data
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