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Shelby Township Residential Market Trends - August 2023
The real estate market in Shelby Township, Michigan, has been experiencing some interesting shifts in August 2023. Let’s take a closer look at the latest trends and statistics for both buyers and sellers.
New Listings In August 2023, there were 108 new property listings in Shelby Township, which included single-family homes, condos, townhouses, and apartments. The median list price for these properties was $369,940, showing a significant decrease of 14.9% compared to the previous month. Additionally, the median living area square footage dropped by 16.3%, down to 1,903 square feet. However, the median price per square foot increased by 1.6% to $192. Despite the price drop, the total volume of new listings was $44,833,777.
Active Listings In the same period, there were 142 active property listings in Shelby Township, with a median list price of $612,450. This marked an increase of 5.6% from the previous month. The median days on the market increased by 10.3%, reaching 43 days. The median price per square foot also saw a 3.2% increase, coming in at $224. The total volume for active listings was $88,389,916, with a median living area square footage of 2,669.
New Pending Listings August 2023 brought 79 new pending property listings, with a median list price of $340,000. This represents a decrease of 15% compared to the previous month. The median days in Realtors Property Resource (RPR) decreased by 25%, down to 9 days. The median price per square foot also saw a slight decrease of 2.1%, totaling $186. The total volume of new pending listings was $30,797,308, with a median living area square footage of 1,850.
Pending Listings In August 2023, there were 105 pending property listings with a median list price of $445,000. This marked a decrease of 10.8% from the previous month. The median days in RPR remained at 9 days, and the median price per square foot decreased slightly by 0.5%, totaling $197. The total volume of pending listings was $49,947,113, with a median living area square footage of 2,300.
Sold Listings August 2023 saw 79 properties sold in Shelby Township, with a median sold price of $410,000. This represents a significant increase of 20.6% compared to the previous month. The average list-to-sale price percentage was 100.07%, indicating properties selling for slightly above their list price. The median days in RPR decreased by 15.4%, down to 11 days. The median price per square foot decreased slightly by 1.6%, totaling $188. The total volume of sold listings was $34,810,073.
Months Supply of Inventory The months supply of inventory in August 2023 was 2.05, showing a decrease of 5.5% compared to the previous month. Over the past 12 months, there has been a 2.8% decrease in the months supply of inventory.
These statistics provide a snapshot of the real estate market in Shelby Township for August 2023. Buyers may find opportunities in the decreased list prices, while sellers can take advantage of the rising median sold prices. As with any real estate market, it’s essential to stay informed and work with a knowledgeable Realtor for the most up-to-date information and guidance.