Downriver condo median price climbs to $186,500 despite lower sales volume

285 condominiums sold in the Downriver area through September, a figure that is five lower than the count for the same period last year.

Despite the slight dip in volume, the median selling price for these properties reached $186,500. That mark is 0.8% higher than the median price recorded a year earlier, according to data from the Realcomp service.

The shift in pricing coincides with a faster sales cycle. Realcomp reported that the average number of days on market for a sold condo stood at 31 for the year. In September specifically, that number dropped to 25 days, a sharp decline from the 41 days it took to sell a unit in the same month last year.

Kent McCroskey, a resident of Brownstown Township, experienced this dynamic market firsthand. He and his wife, Renee, spent four years searching for a home before purchasing a brick ranch condominium in the Hawthorne Woods subdivision of New Boston in October.

The couple made a final and best offer of $266,000 to secure the property. That figure was $11,000 above the asking price of $255,000. Tom Hines, a real estate agent with ReMax Masters in Flat Rock, stated that the McCroskeys had to compete with other bidders to close the deal.

The new home features a finished basement with a bathroom and kitchenette, a detail the couple prioritized for hosting visiting grandchildren. Hines noted that the buyers' patience allowed them to find a home that met their specific requirements.

The condo market performance stands in contrast to the broader Downriver housing sector. According to the ReMax Housing Report, total September home sales fell to 300, an 18.9% decrease from the 370 sales recorded in the same month last year.

The median sales price for all home types in the Downriver declined by 0.4% in September to $225,500. This drop occurs while the national average interest rate for a 30-year fixed mortgage has risen to 7.4%, the highest level in three years.

Jeanette Schneider, a resident of ReMax of Southeastern Michigan, stated that affordability is a primary driver for local buyers. She said rising mortgage rates are prompting buyers to adjust their price ranges and become more selective in their search.

Inventory levels in Metro Detroit increased by 3.1% from August to September, reaching 30,295 available homes. Karen Kage, CEO of Realcomp II Ltd, said that more than 14,000 new listings entered the market during the month. She noted that the increased selection has helped support both buyers and sellers as median sale prices remain strong.