2022 is officially here and with it comes the 2021 fourth-quarter market recap for Oakland County.
How did Q4 2021 hold up against Q4 2020? 2021 saw buyer frustration, tons of showings, and multiple offers. 2020 battled with the uncertainty of COVID-19 and how it would reflect in the real estate market.
For Oakland County, the average days on market were faster than 2020 in the fourth quarter. 2020 saw averages of a little over a month for market time.
In 2021, homes were selling faster with averages of 24-25 days on market. For example, in October 2021, there was a decrease of 34.2% in market time compared to October 2020. The lower inventory and increased buyer demand made for a faster and very interesting market.
As for active homes on market, there have been fewer homes available in 2021 than in 2020. There was a national housing inventory shortage so Oakland County felt the ripples. In December, there were 371 fewer homes on market in 2021 than in 2020, which is a 21.37% decrease in inventory.
Sellers have, on average, received 100% of their asking prices in 2021. This is what is called a “List to Sale Price” ratio. It is an indicator of who controls the market. 2021 was a seller’s market, while 2020 gave buyers an upper hand.
In November of 2020, the ratio sat at 99.1%. In the same month a year later, the ratio rose by 0.9% percent to 100%.
Another important statistic is how many homes were sold in the last quarter of each year. Q4 2020 had a total of 5,029 sales and 2021 saw 4,530 sales in the last 3 months of the year. That is a difference of 499 homes or roughly 9.92%.
Overall, 2021’s fourth quarter had shorter market times, a higher list-to-sale price ratio, and fewer sales compared to 2020.
If you would like a current market analysis for your home, we will gladly pull one together and discuss it at your convenience & on your terms. Simply reach out here: Contact Us.
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Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic. Not all sales are reported.