MACOMB COUNTY ENTERS MAY A MARKETPLACE LEADER
Median sales prices up 11.4% in April, Days on market drop to 18
April – National Real Estate Commentary
The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2-months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
April – Local All MLS Numbers – Res & Condo Separated
Closed Sales decreased 7.2 percent for Residential homes and 17.7 percent for Condo homes. Pending Sales decreased 8.1 percent for Residential homes and 10.2 percent for Condo homes. Inventory increased 4.1 percent for Residential homes but decreased 18.4 percent for Condo homes.
The Median Sales Price increased 7.5 percent to $245,000 for Residential homes and 11.6 percent to $235,000 for Condo homes. Days on Market decreased 13.8 percent for Residential homes and 43.9 percent for Condo homes. Months-Supply of Inventory increased 20.0 percent for Residential homes but decreased 14.3 percent for Condo homes.
April – Local All MLS Numbers – Res & Condo Combined
April – Local All MLS Numbers – Res & Condo Combined
- Median Sale Price increased by 8.9% from $225,000 to $245,000.
- The average days on market (DOM) decreased by 16.7% from 30 to 25 days.
- The average % of the last list price received increased by 1.3% from 101.3% to 102.6%.
- New Listings decreased by 3.9% from 13,889 to 13,345.
- Average Showings per Home decreased from 19.3 to 15.3.
- Pending Sales decreased by 8.4% from 11,303 to 10,355.
- Closed Sales decreased by 8.7% from 10,300 to 9,405.
- Listings that were both listed and pended in the same month were at 6,210. This represents 46.5% of the new listings for the month and 60% of the pended listings.
- Months-Supply of Inventory ticked up by 9.1% from 1.1 to 1.2.
April 5-Year Perspectives -- Local All MLS Numbers
