The spring market is well underway and this market has been rather hectic. This is how the April market performed.
Over the last month, the market has been speedy with lots of showings and offers. This is what we have been seeing for the majority of 2021 so far (see our March update). Low inventory, lots of showings, and multiple offers make for an eventful market.
For Oakland County, the average price point sits around $280k. While things are flying off the shelves in almost all price points, the 200-299k price band reflects the sheer speed of this market. From the time that the home hits the market, there are tons and tons of showings lined up in as little as 2 hours after listing. Some homes are selling in 48 hours once they are active on the market.
This leads to a lot of buyer frustration especially since the offers need to be creative and oftentimes coupled with higher financing to stand a fighting chance.
Comparing to last year, even more speed is the name of the game. We are seeing faster selling times and days on the market is under two weeks as the statuses switch from active to sold.
The high demand and dwindling supply are the two major factors defining this spring market. Buyers are writing these incredibly strong offers and it’s heartbreaking when those offers don’t pan out. We know it sounds repetitive as frustrations continue, but please hang in there.
If you are looking to sell, buy, or even if you need advice, reach out because we are always here to help.
As the April market continues to favor sellers, we have been seeing that sale prices are matching or exceeding the list prices (sometimes by a lot…) for the most deals. Currently, April 2021 saw an increase of 2.2% over the previous year.
This is our reality for the time being. So keep on writing strong offers, brainstorming creative solutions, and seeing those houses.
On a more upbeat note, the number of sales did increase by 52.8% over the previous year. Despite the lower inventory this year, the April market has seen more sales, and hopefully there a silver lining on the horizon. One thing we know is that markets correct themselves, so fingers crossed.
The April market saw speedy selling times, multiple offers, spring stress (allergies included!), and frustrations on both sides. The current market is continuing to stay on trend with what we have seen previously, so check back to see how May’s market pans out.
If you would like a market analysis for your home, we will gladly put one together for you and discuss it at your convenience and on your terms (mask up people!). Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.