Despite recently filing for a foreclosure, all Detroit Multiple Listing Service sales for July were up by 4.6%, from 6,468 units to 6,763. Additionally, the median sale price for all MLS sales rose 38.9% year-over-year to $125,000, according to data from RealComp.
With more homes being listed up 11.9%, up from 11,548 to 12,926, homes are spending more time on the market. The average days on-market for the entire MLS dropped by 18 days, from 76 to 58 days.
Of the 6,763 sales closed in July, 6.3% — or 428 sales — were identified as short sales, while 35.8% were identified as cash sales.
Surprisingly, inventory continued to decline, with market inventory down by 22.2%, from 27,180 to 21,146. Approximately 6.4% of the on-market inventory was identified as short sales, while 13% of the on-market inventory is comprised of properties identified as foreclosures.