It’s time to zero in on an Oakland County community and I chose to look at the Rochester Michigan’s May real estate market this week. It is very similar to what we saw in both Macomb County and Oakland County for May.
We’ll start with the Homes for Sale in May in Rochester, Michigan. In 2016 there were 62 homes for sale in May and that dropped by 16.1 percent in 2017 to having only 52 homes for sale. In 2018, we saw a further drop of 19.2 percent with only 42 homes on the market. A significant decrease from 2016.
Next, we’ll look at the year over year averages of days on market. We’ll start with the averages days on market for May in 2016 that number was 49 and then it actually increased to 52 average days on market in 2017. In 2018, however, the average days on market were less than both 2016 and 2017 having dropped to 46 days.
The next graph I like to explain as it isn’t always understandable to the average person looking at these statistics. We are going to look at the Supply of Homes for Sale. The Supply of Homes for Sale is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. (definition supplied by Findwell.com)
If you look at the current graph below you will see that back in 2016 the Months Supply of Homes for Sale in Rochester was 5.1 months and in 2017 it decreased to 4.6 months which was a -9.8 percent drop. In 2018, however, the Months Supply of Homes for Sale decreased to 3.5 months which was a -23.9 percent drop. That’s a pretty significant decrease.
We have 6 listings heading to the market this 2nd week of June 2018. The current market is moving quickly making it all the more important that you have someone in your corner who knows how to negotiate and will get you into the home you wish to purchase. You don’t want to lose that dream home. If you are considering a sale of your Rochester home then there’s no better time then the present! Give me a call. I would love to discuss this with you further. No pressure, but just know that I’m here when you are ready!