As the temperatures are cooling off and the children are heading back to school, its time to look at the Grosse Pointe Housing Market as a whole. The general sense around town is that it has been a good year thus far. Before popping the champagne, I wanted to make sure the numbers back that assumption up.

Typically this time of year we start to see the pace of sales slow down a bit. This is a normal part of a stable market. People are shifting gears, and focused on other things. Its too early to see if that will be the case this year, but historically this is the trend. It should be noted though that it is still a very good time of year to have your house on the market, because the buyers that are out looking tend to be more serious than some of the summer shoppers. There also is less competition this time of year. There are currently 250 homes on the market in the five Grosse Pointes. There are 110 houses pending or under contract. That is 31% of the inventory, which indicates that the pace of sales is still brisk.

In looking at the general numbers from the five Grosse Pointes, it is clear we are trending in the right direction. At this point last year, there were 466 homes sold from January until the end of August for an average sales price of $313,092. In that same timeframe this year, 563 homes have sold for an average sales price of $326,931. This is a 21% increase in number of units sold thus far over last year.

Because the Grosse Pointes can have homes that vary from $80,000 to $4,000,000+, It is important to break this down even a step farther into four separate price ranges. All stats that follow are from January 1-August 31 in their respective years, and encompass all five of the Grosse Pointes. The first is homes from $0-249,999. In 2014 there were 215 units sold, and in 2015 there were 266 for a 24% increase over the previous year. Next are homes from $250,000-499,999. In 2014 there were 188 sold, and in 2015 there were 216 sold for a 15% increase over last year. The third price range is from $500,000-$999,999. In 2014 there were 57 sold, and in 2015 there were 66 sold for a 16% increase. Finally as far as the million dollar and up range goes, in 2014 there were 6 units sold, and in 2015 there were 15 sold and another 5 are pending. This is a 150% increase in million dollar sales in 2015 over 2014, and that does not even include the 5 pending deals.

That last statistic about million dollar sales is pretty interesting. You may think it doesn’t mean much to you if you don’t own a million dollar home, or don’t ever plan on owning a million dollar home, but it does. Most of these homes sell in cash deals, and thus a healthy stock market is a critical component to these sales. More importantly it’s a good indicator of consumer confidence in the local housing market. This confidence tends to reflect on all price range confidence from the top down.

Last year was a very good rebound year in residential sales in the five Grosse Pointes. This year’s pace thus far is even better. We have yet to see how the recent volatility in the stock market will play out into the overall national economy, but we expect that in the short term this will not impact our local market significantly. While we may see the seasonal turns slow the pace in the very short term, we are in a balanced market, and anticipate it will remain this way for the immediate and longer term future. If you have questions or concerns about your particular property, call your local Grosse Pointe Board of Realtors member. They truly are the ones with the local expertise, knowledge, and experience to handle your particular situation.