April Market Update

Market Update

Real Estate Update | April 2019

Here in Michigan we’re saying goodbye to the winter blues and hello to warmer weather and longer days — officially signifying that the infamous spring market is upon us!

Washtenaw County’s red hot housing market began this spring with more new listings. However, the number of sales remained consistent with 683 residential sales compared to 675 sales at this time in 2018. March brought 577 new residential listings, a 13% increase compared to March 2018, according to a new report from the Ann Arbor Area Board of Realtors. In March, the average sale price for single-family homes was $326,409, which has been the highest monthly average so far in 2019. Ann Arbor and Saline school districts had the highest average sales price for single-family homes, at $444,073 and $458,435, respectively. Year-to-date, Ypsilanti’s school district has seen the largest increase in average sales price of single-family homes, increasing 11.8% to $188,616 so far in 2019. The areas with the most listings for sale this year are in Ann Arbor (316), Saline (121), Dexter (82) and Lincoln (80). 

For Macomb County and Oakland County their housing market inventory continues to be down and prices up. Closed sales may be down but pending sales are up. Macomb County home prices were up by more than 4% whereas Oakland County home prices were up by less than 1%. Macomb County’s on market inventory was down by 8% and Oakland County’s on market inventory was down by 7%. Oakland County saw an increase in home sales of 9.6% (904 units sold), which spent an average 49 days on the market. 

According to a report released by the Greater Regional Alliance of REALTORS® (GRAR), the total number of homes still available in the Greater Grand Rapids area is 1,339 and the current inventory is down 6.6% compared to the previous month. February home sales were 576, which is 4.8% lower from the previous month. The average for sale price of homes in the Greater Grand Rapids area for February was $349,000 up 5% from $332,000 last month. The median sold price in February was $193,000, up 4.3% from last month of $185,000. With the spring market in full effect, Grand Rapids will begin to show why they are the second hottest housing market in America.

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