Real Estate Agent · Detroit, MI · Member since 2016 · 149 posts · 69 votes
Pulled the Wayne County residential numbers for October vs September (Realcomp statistics), and the story is a market splitting two ways:
New listings: 2,262 → 2,243 (−0.8%)
Pending sales: 1,234 → 1,271 (+3.0%)
Closed sales: 1,246 → 1,222 (−1.9%)
Days on market: 31 → 33
Average sale price: $271,378 → $255,638 (−5.8%)
% of list price received: 98.5% → 97.7%
Months of supply: 3.7 → 3.8
Buyers are still writing offers — pendings are the one number that went UP — but they're paying less and taking longer to do it. Sellers are quietly giving back the premium: the average price dropped about 6% in a single month.
What I'm seeing on the ground matches it. When I'm scoping a rehab for an investor client here in Detroit, the deals that pencil are the ones bought off the October reality, not the summer's asking prices — sellers who priced for spring are sitting, and the ones who adjust are the ones going pending.
Detroit proper vs. the suburbs in the county are probably two different stories inside these same numbers, too.
What are you seeing in your market — pendings holding up while prices soften, or is everything slowing together?
Thanks for putting these numbers together, Anthony — month-over-month comparisons like this are really useful. The story I see here is a market finding its balance: new listings nearly flat at 2,243, pending sales up 3% to 1,271, and closings just slightly down at 1,222. The piece that stands out most to me is the average sale price dropping 5.8% to $255,638 while sellers still received 97.7% of list — prices are adjusting, but homes that are priced right are still selling close to asking. Days on market ticking up from 31 to 33 and supply at 3.8 months both point the same way: a little more breathing room for buyers, and a little more patience required from sellers. Are you seeing the price adjustment concentrated in a particular part of the county, or is it pretty broad?