General Area Real Estate Market Report – August 2015
Highlights and Analysis
• Median sale price for All MLS sales increased to $157,000 – up 5%
● 10 Year High for the Month of August
• All MLS sales were up 7% from 6,386 to 6,854 total units sold.
Synopsis of Inventory
• Average Days On-Market increased by 1 day from 40 to 41
• The on-market inventory increased by 1% from 25,849 to 26,086.
• 6% of our inventory is designated as a bank foreclosure
Over the Last 10 Years…
• Aug. sales reached a high in 2012 at 7,041
• Aug. sales reached a low in 2007 at 4,956
• Aug. DOM reached a high in 2007 at 114
• Aug. DOM reached a low in 2014 at 40 days
• Aug. Median Sales Price reached a ten year high last month at $157,000
• Aug. Median Sales Price reached a low in 2009 at $64,900
Please feel free to visit www.NoviRealEstateOnline.com or www.BobandTeena.com for more local Novi Michigan Real Estate Information.
