What is the August market like right now?
This is a beautiful seller’s market. Homes are moving very fast and selling well. We saw the pick up in the market around May and it really kicked into gear as summer bleeds into fall.
The average days on market for both this year and 2019 are under 30 days, so homes are hitting the market and seeing multiple offers over-asking. We are seeing this especially in the 200-299,000 price band, which is par for the course as Oakland’s average price point is around $240,000.
According to Keeping Current Matters, a trusted real estate source, our local market is reflecting the national trend as well and they created a great infographic explaining how the nation is doing!
As we mentioned before, lots of homes are getting multiple offers, many of them over-asking. We can actually see that from 2019, the Oakland County list to sale price ratio is 98.7% and in 2020 right, the ratio is 100.0%. That’s an increase of 1.3%.
As for the number of new listings hitting the market this month, we are seeing a dip around 35% that correlates to the pandemic which is to be expected.
But on the bright side, this pandemic has not stopped our local real estate in the slightest. Homes are selling and the market is hot! In fact, we are just 27 homes short of reaching August 2019’s total sales.
The August market is faring well and so are sellers right now. So if you were wondering if it is a good time to sell, the answer is yes!
If you would like to see how your home is faring in the current market, we’re always happy to pop by for a market analysis. Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.
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