Overall, the Seller’s Market Continues… Most cities and most price ranges remain solidly in a Seller’s market. However, the average days on market can vary by area and price point, with luxury homes, considered to be those over $500,000 taking a bit longer.
Here is a close look at the last three years market stats:
We are currently looking at the January Update for Oakland County’s Average Days On Market and here’s what we have. Back in January of 2014, the average days on market in Oakland County were 46 days and in December 2017, the average days on market dropped to 33 days for all residential sales.
If we drill down we’ll get even more of a view of what’s been happening.
Looking at homes that were 1,500 sqft or less, we see the same trend and that is in January 2014, the average days on market was 45 days and in December 2017, once again, it dropped to 24 days on market. Now let’s jump to the next size up.
This would be homes that were between 1,501 sqft to 2,000 sqft. The average days on market in January 2014 was 46 days and in December 2017 it was 29 days. Another jump up has us looking at the following graph.
This is for homes 2,001 to 2,500 sqft. In December 2014 the average days on market was 47 days and in December 2017 it was 34 days. One more jump to look at.
This graph shows homes that are 2,501 sqft or larger. The average days on market in January 2014 was 53 days and in December 2017 it was 52 days. Very interesting. If you have any questions regarding these charts or the direction of the market, please contact me.
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