Six things to know about southeast Michigan Housing Market

Posted on February 12, 2016

January existing housing sales for southeast Michigan areas compared to a year ago, as reported by RealComp, the area’s multiple listing service. (Charles Crumm/Digital First Media)

1) Sales were up 11.4 percent for the month over a year ago, 3,971 to 4,423.

2) The median sale price across southeast Michigan was up 11.3% from $124,000 to $138,000 compared to a year ago.

3) Average days on the market was the same from a year ago at 58.

4) Inventory decreased since last January by 2% from 20,260 to 19,854.

5) 5.8 percent of the houses for sale were foreclosures compared to 8.1 percent a year ago.

6) This is the fourth year that median sales prices in January have increased. This month’s median of $138,000 across southeast Michigan is a 10-year high. The 10-year low was $47,000 in 2009.