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Southeast Michigan Housing Report Qtr2 2017

Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

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Page 1: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Southeast MichiganHousing Report

Qtr22017

Page 2: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One2

Southeast Michigan Summary

PriceRangeJune30Listings change

NewPendings change

MonthsSupply change

YTDClosed change

YTD$/SFchange

All 10699 10% 5941 -2% 1.8 13% 23735 -4% 123.66$ 7%>10-200k 4318 9% 3303 1% 1.3 8% 13510 -10% 87.90$ 5%

>200-400k 3262 13% 1999 -6% 1.6 20% 7895 4% 134.43$ 5%>400-800k 2332 9% 576 -6% 4.0 16% 2055 16% 163.57$ 1%

>800k 787 7% 63 -24% 12.5 41% 275 28% 253.10$ -3%

June2017andYTDClosedActivity

JuneListings/Pendings/Supply YeartoDateClosedSales

SoutheastMichigan5CountySummary

2017 vs. 2016 2nd Quarter Closed Units Down 3% Avg $/SF Up 7%

Year-To-Date Closed Units Down 4% $128 Avg $/SF up 7% $213k Avg Sale Price Up 7%

Data Source: Realcomp MLS using Great Lakes Repository Data: “MoM” = change since prior month; $/SF=closed dollar per square foot.

Through the first half of 2017, limited inventory levels have been the primary cause for a 3% decline in sales compared to last year at this time. That same shortage of homes has also contributed to increased buyer competition and with many multi-offer bids that have lifted prices an average of 7%.Entry and mid-level homes continue to sell faster than higher priced homes. While there is less than 2 months supply of homes priced under $400k, supply levels jump to 4 months for homes priced between $400k and $800k and leap to over 12 months for homes priced over $800k. For a successful sale, high-end homes need to be tightly packaged: well maintained and detailed to shine, while priced to compete. Values have been rising since February, but the rate of rise will taper off over the next couple of months--like it did the prior two years.

Watch pendings and months-of-supply. The 5,941 number of June new pending sales fell off 2% from May, but was still higher than the number of June closed sales. Generally the market is on an upswing so long as the number of new pending sales exceeds the number of closed sales for a given month. Inventory levels typically peak a few months later than closed sales. Growing inventory combined with declining new pending sales shows up as increasing months-of-supply levels. This happens at different times in different areas and price ranges.

PriceRange Apr'17 May'17 Jun'17 2ndQ'17 '17v'16Units 4036 4810 5148 13,994 -3%MoM 2% 19% 7%

$/SF 125.15$ 127.52$ 131.49$ 128.32 7%MoM 4% 2% 3%

Units 2260 2553 2655 7,468 -10%MoM -3% 13% 4%

$/SF 87.45$ 90.37$ 94.16$ 90.83 5%MoM 2% 3% 4%

Units 1373 1717 1907 4,997 4%MoM 8% 25% 11%

$/SF 136.48$ 136.38$ 137.76$ 136.93 5%MoM 3% 0% 1%

Units 354 477 517 1,348 19%MoM 14% 35% 8%

$/SF 163.80$ 163.79$ 166.36$ 164.77 1%MoM -1% 0% 2%

Units 49 63 69 181 44%MoM 23% 29% 10%

$/SF 255.60$ 240.11$ 266.81$ 254.34 -6%MoM -2% -6% 11%

SoutheastMichigan5County2ndQtr2017vs.2ndQtr2016ClosedSingleFamily

All

>10-200k

>200-400k

>400-800k

>800k

The shifting of months-of-supply in a given area and price range is a good barometer for predicting when those specific markets and price ranges are heating up or cooling off.

Page 3: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One3

Seasonal Market Cycles

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SEMichigan,5-CountyClosedSingleFamilyHomeSales

Units $/SFUnits $/SF

Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage that will help buyers get the best home at the best price and help sellers sell quicker and for more money. While buyers buy and sellers sell houses all twelve months of the year, proportionally more sales activity takes place from May through October.

Both weather and school schedules impact activity. Buyers prefer to move when they won’t have to drag their stuff through slush and snow. If kids are involved, parents prefer to start them in their new school at the beginning of the school year. Inventory levels, sales, and average values (both average sale price and average $/SF) tend to peak in late summer or early fall months with inventory

levels topping out a month or two later than sales and prices.

A late season decline in average sale price and even $/SF doesn’t necessarily mean that values are declining. It’s more likely a change in the mix of homes that are available. Sellers typically try to get an early start by getting their homes on the market in the spring. Since the “best” houses sell quickly and for more money, proportionally more “10’s” sell early in the season.Late season closed sales are weighted more heavily with average and sub-average homes that take longer to sell. The number of buyers competing and their need to outbid each other tails off, so fewer late season sales land inflated “bidding bonus bucks”.Regardless of the season buyers don’t need to worry--great homes are available twelve months of the year. There may be fewer available“10’s”, but competition for them also drops off.

Even the slowest sale month last year had 5.5% of the annual closings (8.3% is an average month).

Buyers who don’t have so much timing urgency (many first-time buyers) can gain an advantage by buying late season. Sellers of older listings are often more flexible with their price than they were a few months earlier. And when great listings do become available (they will), there are fewer buyers ready to jump. Late season sellers can benefit by understanding that winter buyers tend to be more motivated. It’s great to have an attractive home available when the relocating buyer who has a weekend or two to shop comes to town in December or January. Also, because late season inventory is picked-over, really nice houses shine even brighter.

9% 10%

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6% 5%

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9% 10%

Jul '16 Oct '16 Jan '17 Apr '17

MonthlyPercentofClosedSales(past12months)

Avg 8.3

12,682 12,63711,881

11,180

9,920 9,8499,197 8,815 8,692 8,878

9,713

10,699

Jul'16 Oct'16 Jan'17 Apr'17

AvailableActiveListings(lastdayofmonth)

Page 4: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One4

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 3940 10% 1934 -7% 2.0 18% 7965 -3% 148.61$ 7%>10-200k 640 10% 646 -7% 1.0 18% 2928 -18% 107.88$ 8%

>200-400k 1309 12% 897 -5% 1.5 18% 3521 5% 141.50$ 4%>400-800k 1411 9% 346 -9% 4.1 20% 1306 15% 168.66$ 2%

>800k 580 6% 45 -21% 12.9 35% 210 24% 266.67$ -3%

June 2017 and YTD Closed Activity

June Listings/Pendings/Supply Year to Date Closed SalesOakland County Single Family Homes

Oakland CountySingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 1381 1668 1776 4825 -2% MoM 4% 21% 6%

$/SF 150.32$ 150.92$ 155.06$ 152.28$ 6% MoM 3% 0% 3%

Units 504 551 551 1606 -18% MoM -1% 9% 0%

$/SF 110.78$ 108.63$ 114.06$ 111.15$ 7% MoM 4% -2% 5%

Units 605 763 867 2235 5% MoM 2% 26% 14%

$/SF 143.26$ 143.63$ 144.95$ 144.04$ 4% MoM 3% 0% 1%

Units 232 307 306 845 17% MoM 17% 32% 0%

$/SF 168.03$ 168.99$ 169.71$ 168.99$ 1% MoM -1% 1% 0%

Units 40 47 52 139 45% MoM 25% 18% 11%

$/SF 262.27$ 250.70$ 280.48$ 265.05$ -9% MoM -2% -4% 12%

All

>10-200k

>200-400k

>400-800k

>800k

Oakland County2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 20173939 Available Units up 10%

1934 New Pending Sales down 7%

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Oakland County Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 20164825 closed unitsdown 2%

$152/SFup 6%

Summary2nd Quarter closed sales were down by 2% compared to last year, but average $/SF was up by 6%.Oakland County markets are slowing at all price ranges as inventory levels continue to rise while the number of new pendings is falling off.

YTD Average Sales Price$292kup 8%

Page 5: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One5

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 1779 12% 1290 -4% 1.4 16% 5241 -11% 112.77$ 9%>10-175k 597 4% 706 3% 0.8 1% 2910 -18% 90.39$ 10%

>175-350k 636 26% 460 -14% 1.4 46% 1916 -4% 123.20$ 6%>350-650k 468 8% 116 -1% 4.0 9% 391 21% 138.35$ 2%

>650k 78 1% 8 100% 9.8 -49% 24 20% 183.98$ 13%

June Listings/Pendings/Supply Year to Date Closed SalesMacomb Single Family Homes

June 2017 and YTD Closed Activity

Macomb CountySingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 885 1036 1131 3052 -11% MoM 3% 17% 9%

$/SF 113.39$ 115.07$ 119.91$ 116.39$ 9% MoM 2% 1% 4%

Units 503 529 569 1601 -18% MoM 6% 5% 8%

$/SF 89.20$ 91.85$ 96.55$ 92.68$ 10% MoM -3% 3% 5%

Units 307 416 458 1181 -6% MoM -3% 36% 10%

$/SF 122.88$ 124.59$ 126.80$ 124.99$ 6% MoM 0% 1% 2%

Units 70 88 96 254 21% MoM 15% 26% 9%

$/SF 139.23$ 140.21$ 142.32$ 140.74$ 3% MoM 4% 1% 2%

Units 5 3 8 16 60% MoM 150% -40% 167%

$/SF 220.94$ 162.55$ 215.17$ 209.21$ 18% MoM 48% -26% 32%

Macomb County2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

All

>10-175k

>175-350k

>350-650k

>650k

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 20171779 Available Units up 12%

1290 New Pending Sales down 4%

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Macomb County Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 20163052 closed unitsdown 11%

$116/SFup 9%

Summary2nd Quarter closed sales were down by 11% compared to last year, but average $/SF was up by 9%.Activity is generally slowing for most price ranges as inventory levels continue to rise while the number of new pendings is falling off. Values continue to rise and higher end homes continue to be on the market longer than homes at entry and moderate price levels.

YTD Average Sales Price$187kup 10%

Page 6: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One6

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 3705 10% 2123 4% 1.7 6% 8205 2% 100.23$ 5%>10-100k 1725 4% 817 5% 2.1 -1% 3433 -6% 45.88$ -1%

>100-200k 853 21% 746 4% 1.1 16% 2707 8% 104.54$ 4%>200-400k 669 12% 449 6% 1.5 5% 1665 8% 129.78$ 4%

>400k 458 10% 111 -17% 4.1 32% 400 13% 167.20$ 2%

June 2017 and YTD Closed Activity

June Listings/Pendings/Supply Year to Date Closed SalesWayne County Single Family Homes

Wayne CountySingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 1366 1608 1706 4680 2% MoM -3% 18% 6%

$/SF 100.65$ 104.14$ 109.64$ 105.16$ 5% MoM 4% 3% 5%

Units 575 605 585 1765 -8% MoM -12% 5% -3%

$/SF 44.97$ 44.96$ 47.44$ 45.78$ -3% MoM -3% 0% 6%

Units 427 567 613 1607 10% MoM -1% 33% 8%

$/SF 103.21$ 107.36$ 109.32$ 106.98$ 3% MoM 1% 4% 2%

Units 307 346 397 1050 7% MoM 16% 13% 15%

$/SF 133.29$ 132.48$ 134.25$ 133.39$ 5% MoM 4% -1% 1%

Units 57 90 111 258 13% MoM -10% 58% 23%

$/SF 170.39$ 164.11$ 170.45$ 168.18$ 1% MoM 0% -4% 4%

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>100-200k

>200-400k

>400k

Wayne County 2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 20173705 Available Units Up 10%

2123 New Pending Sales Up 4%

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Wayne County Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 20164680 closed unitsup 2%

$105/SFup 5%

Summary2nd Quarter closed sales were up by 2% compared to last year, and average $/SF was up by 5%.The number of new pendings continue to rise in all but the over-$400k price range. While higher end homes are generally taking longer to sell, there is only 4 months of supply even for the higher-end homes.

YTD Average Sales Price$152kup 4%

Page 7: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One7

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 190 13% 100 0% 1.9 13% 419 -7% 152.63$ 7%>10-200k 22 47% 23 28% 1.0 15% 113 -14% 120.99$ 10%

>200-350k 48 41% 39 -3% 1.2 45% 162 -14% 145.03$ 8%>350-700k 73 7% 31 -6% 2.4 14% 119 17% 154.87$ 3%

>700k 47 -8% 7 -22% 6.7 18% 25 -11% 194.63$ 2%

June Listings/Pendings/Supply Year to Date Closed SalesGrosse Pointe Single Family HomesJune 2017 and YTD Closed Activity

Grosse PointeSingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 75 84 96 255 -9% MoM 0% 12% 14%

$/SF 165.33$ 151.87$ 159.97$ 158.76$ 10% MoM 12% -8% 5%

Units 16 18 18 52 -26% MoM -33% 13% 0%

$/SF 116.94$ 125.17$ 124.52$ 122.42$ 12% MoM -5% 7% -1%

Units 34 32 38 104 -17% MoM 10% -6% 19%

$/SF 145.58$ 153.23$ 149.85$ 149.43$ 9% MoM 5% 5% -2%

Units 21 29 34 84 27% MoM 24% 38% 17%

$/SF 161.57$ 150.88$ 159.68$ 156.87$ 2% MoM 0% -7% 6%

Units 4 5 6 15 -17% MoM 33% 25% 20%

$/SF 274.35$ 176.77$ 222.35$ 222.84$ 22% MoM 56% -36% 26%

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>10-200k

>200-350k

>350-700k

>700k

Grosse Pointe2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 2017190 Available Units Up 13%

100 New Pending Sales No change

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Grosse Pointe Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 2016255 closed unitsdown 9%

$159/SFup 10%

Summary2nd Quarter closed sales were down by 9% compared to last year, but average $/SF was up by 10%. The number of June new pendings was even with May. Inventory jumped from 169 in May to 190 on June 30th. As supply increases, sellers will need to price a little more competitively.

YTD Average Sales Price$348kup 9%

Page 8: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One8

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 1366 2% 451 7% 3.0 -4% 1748 25% 33.89$ 15%>5-30k 659 -5% 231 3% 2.9 -8% 1040 13% 14.99$ 12%

>30-100k 619 14% 163 10% 3.8 3% 541 48% 35.85$ 5%>100-200k 31 3% 36 29% 0.9 -20% 107 70% 65.51$ 15%

>200k 57 -10% 21 5% 2.7 -14% 60 18% 91.75$ 13%

June Listings/Pendings/Supply Year to Date Closed SalesDetroit Single Family Homes

June 2017 and YTD Closed Activity

DetroitSingle Family Homes

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 20171366 Available Units up 2%

51 New Pending Sales up 7%

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Detroit Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 2016942 closed unitsup 30%

$35/SFup 15%

Summary2nd Quarter closed sales were up by 30% compared to last year, and average $/SF was up by 15%. Compared to the prior month of May, June inventory rose by just 2% and new pendings rose by 7%. The Detroit single family home market continues to expand with both its number of sales and values.

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 310 324 308 942 30% MoM -1% 5% -5%

$/SF 33.75$ 34.61$ 36.63$ 35.01$ 15% MoM 12% 3% 6%

Units 198 185 179 562 20% MoM 6% -7% -3%

$/SF 15.56$ 15.68$ 15.30$ 15.51$ 13% MoM 5% 1% -2%

Units 85 109 94 288 45% MoM -15% 28% -14%

$/SF 37.39$ 34.18$ 36.34$ 35.82$ 7% MoM 6% -9% 6%

Units 17 18 21 56 133% MoM -11% 6% 17%

$/SF 63.25$ 71.70$ 68.94$ 68.03$ 19% MoM -4% 13% -4%

Units 10 12 14 36 13% MoM 43% 20% 17%

$/SF 83.76$ 98.98$ 96.43$ 92.64$ 11% MoM 23% 18% -3%

Detroit Single Family Homes2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

All

>5-30k

>30-100k

>100-200k

>200k

YTD Average Sales Price$45kup 12%

Page 9: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One9

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 124 0% 46 15% 2.7 -13% 148 -19% 169.95$ 31%>5-75k 13 -7% 3 0% 4.3 -7% 30 -36% 35.27$ 94%

>75-200k 17 -15% 15 -6% 1.1 -9% 55 -10% 123.81$ -8%>200-350k 40 -17% 14 -7% 2.9 -11% 46 -13% 215.88$ 9%

>350k 54 29% 14 133% 3.9 -45% 17 -23% 335.13$ 38%

June 2017 and YTD Closed Activity

June Listings/Pendings/Supply Year to Date Closed Sales Detroit Condo/Lofts

DetroitCondos/Lofts

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 18 28 29 75 -35% MoM -47% 56% 4%

$/SF 101.48$ 162.49$ 222.13$ 163.67$ 27% MoM -40% 60% 37%

Units 6 6 3 15 -42% MoM -14% 0% -50%

$/SF 17.53$ 39.59$ 42.02$ 26.51$ 102% MoM -60% 126% 6%

Units 4 10 12 26 -16% MoM -76% 150% 20%

$/SF 77.04$ 134.30$ 116.69$ 115.90$ -17% MoM -43% 74% -13%

Units 6 10 8 24 -38% MoM -14% 67% -20%

$/SF 156.04$ 223.01$ 270.58$ 211.31$ 6% MoM -31% 43% 21%

Units 2 2 6 10 -47% MoM -33% 0% 200%

$/SF 286.90$ 253.49$ 393.24$ 346.12$ 40% MoM 0% -12% 55%

Detroit Condos2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

All

>5-75k

>75-200k

>200-350k

>350k

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 2017124 Available Units no change

46 New Pending Sales up 15%

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Detroit Closed Condo/Loft Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 201675 closed unitsdown 35%

$163/SFup 27%

Summary2nd Quarter closed sales were down by 35% compared to last year, but average $/SF was up by 27%. Lack of quality inventory continues to limit buyer choices and is in large part responsible for the jump in prices.

YTD Average Sales Price$206kup 12%

Page 10: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One10

Price RangeJune 30 Listings Change

New Pendings Change

Months Supply Change

YTD Closed Change

YTD $/SF Change

All 712 12% 473 -6% 1.5 19% 2004 -4% 90.20$ 8%>10-75k 130 -6% 96 -2% 1.4 -5% 528 -23% 48.95$ 6%

>75-125k 168 38% 136 -13% 1.2 58% 669 -2% 84.86$ 4%>125-250k 246 16% 194 -5% 1.3 22% 650 8% 103.90$ 3%

>250k 168 3% 47 4% 3.6 -1% 157 43% 119.25$ -5%

June 2017 and YTD Closed Activity

June Listings/Pendings/Supply Year to Date Closed SalesDownriver Single Family Homes

DownriverSingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 321 392 402 1115 -4% MoM -10% 22% 3%

$/SF 91.27$ 93.79$ 97.88$ 94.55$ 9% MoM 6% 3% 4%

Units 77 89 76 242 -30% MoM -32% 16% -15%

$/SF 52.78$ 46.28$ 53.76$ 50.51$ 8% MoM 11% -12% 16%

Units 117 115 137 369 -5% MoM -8% -2% 19%

$/SF 84.36$ 85.85$ 87.27$ 85.89$ 4% MoM 1% 2% 2%

Units 108 149 154 411 15% MoM 21% 38% 3%

$/SF 105.11$ 104.65$ 108.87$ 106.32$ 4% MoM 4% 0% 4%

Units 19 39 35 93 29% MoM -30% 105% -10%

$/SF 120.56$ 126.16$ 122.42$ 123.56$ -1% MoM -3% 5% -3%

Downriver2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

All

>10-75k

>75-125k

>125-250k

>250k

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 2017712 Available Units Up 12%

473 New Pending Sales Down 6%

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Downriver Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 20161115 closed unitsdown 4%

$94/SFup 9%

Summary2nd Quarter closed sales were down by 4% compared to last year, but average $/SF was up by 9%. June inventory was up by 12% and new pendings were down by 6%. While the inventory/supply combination would typically indicate the beginning of a slow down, prices continue to rise.

YTD Average Sales Price$125kup 8%

Page 11: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One11

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 729 14% 341 -6% 2.1 22% 1305 -5% 139.13$ 6%>10-200k 94 21% 74 -8% 1.3 30% 338 -31% 114.81$ 8%

>200-300k 221 13% 147 -2% 1.5 15% 566 6% 133.40$ 5%>300-500k 269 11% 99 -5% 2.7 17% 341 18% 147.25$ 4%

>500k 145 17% 21 -30% 6.9 67% 60 2% 187.44$ -1%

June Listings/Pendings/Supply Year to Date Closed SalesLivingston County Single Family Homes

June 2017 and YTD Closed Activity

Livingston CountySingle Family Homes

Price Range Apr '17 May '17 Jun '17 2nd Q '17 '17 v '16Units 227 283 312 822 0% MoM 16% 25% 10%

$/SF 140.93$ 143.16$ 144.60$ 143.09$ 6% MoM 4% 2% 1%

Units 42 71 63 176 -35% MoM -31% 69% -11%

$/SF 117.64$ 118.14$ 123.15$ 119.80$ 8% MoM 7% 0% 4%

Units 109 126 136 371 17% MoM 31% 16% 8%

$/SF 134.51$ 134.72$ 139.47$ 136.36$ 4% MoM 3% 0% 4%

Units 64 71 97 232 23% MoM 56% 11% 37%

$/SF 151.62$ 152.98$ 145.93$ 149.60$ 5% MoM 5% 1% -5%

Units 12 15 16 43 2% MoM 20% 25% 7%

$/SF 160.49$ 193.73$ 193.60$ 184.00$ -2% MoM -23% 21% 0%

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>500k

Livingston County2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 2017729 Available Units Up 14%

341 New Pending Sales Down 6%

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Livingston County Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 2016822 closed unitseven

$143/SFup 6%

Summary2nd Quarter closed sales were even with last year, but average $/SF was up by 6%. Inventory was up 14% compared to May, while new pendings dropped 6%--a combination that typically indicates a market slow down.

YTD Average Sales Price$273kup 7%

Page 12: Qtr2 - Real Estate One · Real estate markets pass through predictable seasonal cycles. By understanding where a market is in its cycles, buyers and sellers gain a competitive advantage

Copyright 2017, Real Estate One12

Price RangeJune 30 Listings change

New Pendings change

Months Supply change

YTD Closed change

YTD $/SFchange

All 546 4% 253 -1% 2.2 5% 1019 -9% 96.26$ 9%>10-100k 107 -4% 66 -6% 1.6 2% 326 -18% 48.88$ 0%

>100-200k 182 6% 122 12% 1.5 -5% 426 -11% 96.09$ 5%>200-400k 179 5% 61 -14% 2.9 22% 238 3% 119.59$ 3%

>400k 78 11% 4 -20% 19.5 39% 29 222% 171.19$ -2%

June Listings/Pendings/Supply Year to Date Closed SalesSt Clair County Single Family HomesJune 2017 and YTD Closed Activity

St Clair CountySingle Family Homes

Price Range Mar '17 Apr '17 May '17 2nd Q '17 '17 v '16Units 177 215 223 615 -1% MoM 13% 21% 4%

$/SF 96.21$ 106.15$ 97.38$ 100.28$ 8% MoM 2% 10% -8%

Units 66 51 66 183 -5% MoM 22% -23% 29%

$/SF 51.17$ 55.98$ 48.48$ 51.51$ 1% MoM 8% 9% -13%

Units 67 91 96 254 -8% MoM -1% 36% 5%

$/SF 96.83$ 96.14$ 96.33$ 96.40$ 3% MoM 4% -1% 0%

Units 42 60 56 158 7% MoM 40% 43% -7%

$/SF 129.79$ 119.08$ 116.99$ 121.01$ 5% MoM 6% -8% -2%

Units 2 13 5 20 300% MoM -60% 550% -62%

$/SF 222.01$ 169.09$ 209.78$ 183.69$ -2% MoM 32% -24% 24%

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>100-200k

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>400k

St Clair County2nd Qtr 2017 vs. 2nd Qtr 2016 Closed Single Family

Data Source: Realcomp MLS using Great Lakes Repository Data; “change” = change since prior month in the monthly section and year-to-date change in the YTD section; $/SF= closed dollar per square foot.

June vs May 2017546 Available Units Up 4%

253 New Pending Sales Down 1%

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St Clair County Closed Single Family Home Sales

Units $/SFUnits $/SF

2nd Qtr 2017 vs. 2nd Qtr 2016615 closd unitsdown 1%

$100/SFup 8%

Summary2nd Quarter closed sales were just shy of even with last year, but average $/SF was up by 8%. Inventory was up slightly and new pendings were down slightly--early signs of possible market slowing. Sold $/sf fell off in June. That’s worth watching.

YTD Average Sales Price$156kup 9%