Metro Detroit Home Sales Continue to Climb over 2011 & Median Sale Prices Continue to Rise
* Average Days On-Market (DOM) for the entire MLS decreased from last year by 14 days, from 91 to 77.
* Overall, YTD sales are up by 9.0% compared to last year.
* Of the 7,041 sales closed in August of this year, 11.1% (784) were identified as short sales.
* 43.8% of all sales this month were identified as cash sales.
* The median sale price for all MLS sales increased to $89,500 - this is up 9.1% over last year.
* The on-market inventory declined by 16.1% from 31,457 in August 2011 to 26,404 in August 2012.
* Approximately 11.8% of the on-market inventory (3,106) is comprised of properties identified as foreclosures.
* Approximately 21.3% of the on-market inventory (5,629) is comprised of properties identified as short sale.
* Average Days On-Market (DOM) for the entire MLS decreased from last year by 14 days, from 91 to 77.
* Overall, YTD sales are up by 9.0% compared to last year.
* Of the 7,041 sales closed in August of this year, 11.1% (784) were identified as short sales.
* 43.8% of all sales this month were identified as cash sales.
* The median sale price for all MLS sales increased to $89,500 - this is up 9.1% over last year.
* The on-market inventory declined by 16.1% from 31,457 in August 2011 to 26,404 in August 2012.
* Approximately 11.8% of the on-market inventory (3,106) is comprised of properties identified as foreclosures.
* Approximately 21.3% of the on-market inventory (5,629) is comprised of properties identified as short sale.
