Summer is starting to wind to a close and with it comes the September 2022 market update for Oakland County.
The August 2022 market stats reflect more active homes for sale than last year. Inventory has inched back up a bit with around 283 more homes available on the market than August 2021. That is a 12.27% increase in active listings. Like we have seen previously, sales are down from the previous year by 12.33%, roughly about 255 fewer sales.
The market is actively slowing down between rising interest rates, more price reductions, and a slowly increasing average market time (click to read previous updates).
With regard to additional statistics about the market, the list-to-sale price ratio has not changed from August 2021 to August 2022. The current ratio* sits at 100.0%. This means on average, sellers are receiving the full value of their asking price or more in Oakland County.
*This is an average value, so there will be sales that sold for above or below their listed prices; not all sales are represented in our MLS*
The current market time sits at 3 weeks with active listings on the market for an average of 21 days. This is one day faster than August 2021 where we saw a market time of 22 days (a decrease of 4.54% over the last 12 months). Overall, the market times are slower than we have seen in the earlier months of 2022 and the latter half of 2021.
Rounding out, the August 2022 market saw an average market time of 21 days, a stable list-to-sale price ratio, and a slowly rising inventory.
If you would like a current market analysis for your home, we will gladly put one together and discuss it with you at your convenience. Simply reach out here: Contact Us.
If you want to sell, buy, or need some solid advice, reach out because we are always here, zero pressure. 833-333-GWEN.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic. Not all sales are reported.