The real estate market is still on fire with 51% of homes closed in May of 2021 selling ABOVE asking price!
This is the first time we have seen the closed sales above the asking price go above the 50% mark. Additionally, the average time on the market has dropped to a record low of just 17 Days across the board.
In Metro Detroit, we saw average sales prices increase to $262,500, up to $10,500 from the April 2021 average of $252,000. This is an incredible jump. On a national level over the past 12 months, we have seen the average sales price increase 13.2%, with the increase in Metro Detroit just a bit higher at 14%.
The number of sales we are seeing month over month is holding steady with just a slight increase of 100 homes between April 2021 (10,800 homes) to May 2021 (10.900 homes). However, the number of Pending properties is up even further with over 13,000 properties accepting offers over the past 30 days. This means two things: The number of sales is increasing & the number of available homes on the market is increasing.
In April we saw 14,495 homes hit the market, with an increase to 15,400 homes in May. This additional 405 homes may not seem like a large increase, but it is providing some relief to buyers who have been struggling to find their next home or get an offer accepted in the competitive market.
Providing additional relief is the average number of offers per property drop meaning that the competition is starting to lift. We were at an average of over 6 offers, but are now down 50% to over 3 offers.
Interest rates are still holding steady with an average of 2.95% (per the Mortgage Broker Association), making this a GREAT time to purchase a new home. We do know the FED has committed to keeping interest rates below 4% through 2022, but we don't know how long the current rate will hold.
If you are looking to buy or sell, or are interested in finding out the value of your property, please reach out anytime at 248-714-0980
We have been having great success not only in helping our buyers win their new homes but in finding homes not yet listed on the market. We would love to help you and your family get to your next destination!
For help with your real estate needs, or to ask any questions, please call: 248-886-4450
If you have been considering a career in Real Estate and would like to hear about our one of a kind training program, message us directly or check out our real estate agent scholarship program at REScholarship.com