Spring is officially here and the end of the first quarter comes as well. Here is the market recap for Oakland County.
How did Q1 2022 hold up against Q1 2021? Low inventory and fluctuating mortgage rates were defining features for most of 2021 and it has carried over into 2022.
For Oakland County, the current average days on market were faster than in the previous year. 2021 saw averages of a little over a month for market time.
In 2022, homes were selling faster with averages of 30 days on market. For example, in January 2022, there was a decrease of 8.6% in market time compared to the same month 202q. The lower inventory and increased buyer demand were driving forces in this market.
As for active homes on market, there have been fewer homes available over the last two years. There is a national housing inventory shortage so Oakland County also felt this impact. In February 2o22, there were 256 fewer active homes than in 2020, which is a 15.67% decrease in inventory.
Sellers are, on average, receiving at least 100% of their asking prices currently. This is the “List to Sale Price” ratio. It can be a good indicator of who controls the market. 2022 so far is favoring sellers, much like most of 2021.
In March of 2021, the ratio sat at 100.0%. A year later, the ratio rose by 1.2% percent to 101.2%.
Another common (but very important!) statistic is how many homes were sold. Q! 2021 had a total of 4,028 sales and 2022 saw 3,600 sales in the first 3 months of the year. That is a difference of 428 homes or roughly 10.62%.
Overall, 2022’s first quarter saw short market times, a strong list-to-sale price ratio, and fewer sales due to low inventory and high demand.
If you would like a current market analysis for your home, we will gladly pull one together and discuss it at your convenience. Simply reach out here: Contact Us.
If you are looking to sell, buy, or in need of solid advice, reach out at 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.