Metro Detroit Real Estate Market Ends 2nd Quarter Just as 1st Quarter Did: On the Rise / Median Sales Price Also on the Rise


Here is some fantastic news released today in regards to the Metro Detroit Housing Market. This information was provided by Realcomp, Multiple Listing System.

Here is the Analysis:

• Average Days On-Market (DOM) for the entire MLS decreased from last year by 9 days, from 90 to 81.

• Overall, YTD sales are up by 7.7% compared to last year. Of the 6,491 sales closed in June of this year, 10.9% (708) were identified as short sales. 44.7% of all sales this month were identified as cash sales.

• The YTD average median price for ALL MLS is up by 14.2% compared to last year.

• The median sale price for June for All MLS rose by 21.4% as compared to last year.

• Median sale price is highest in June for Oakland County since 2008, highest in Wayne County since 2007

Synopsis of Inventory (06-12 vs. 06-11)

• All MLS on-market inventory declined by 16% from 32,372 in June 2011 to 27,191 in June 2012.

• Approximately 12.74% of the on-market inventory (3,464) is composed of properties identified as foreclosures.

If you have been thinking of selling or buying this Summer, please contact me for a confidential consultation at (248) 939-9393 or at Jeff@JeffDuneske.com

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