In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for December 2018.” This week we turn our attention towards the Macomb County Real Estate Market for December 2018.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in December to the current year. You will notice from the graph below that inventory is definitely down from 2016 in Macomb County. We went from an inventory of 2,519 homes for sale in 2016 to a decrease of -11.5 percent in 2017, with just 2,230 homes for sale. We further decreased another -7.8 percent in 2018, to 2,057 homes for sale on the market in Macomb County for December.
Next, let’s take a look at the new listings on the market in December. We’ll start in 2016, with 694 new listings coming to the market and then in 2017, there were only 610 new listings. Finally, in December of 2018, there were 666. 😧 That was an increase of +9.2 percent from the year previous, 2016. In 2017, the inventory decreased by -12.1 percent from 2016.
Now we turn to the average days on market starting at 36 days on market in 2016 and increasing by +5.6 percent in 2017, to 38 days. In 2018, we increased decreased by -5.3 percent to the same number of days from 2016 which was 36 days on market in Macomb County for December.
Finally, we look at the Months Supply of Homes for Sale in December. In 2016, it was 2.5 months and in 2017. that slightly dropped by -4.0 percent to 2.4 months. In 2018, we further dropped by -4.2 percent to 2.3 months. What does this mean!?! According to findwell.com, “Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. . . Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.”
Let’s sum this up.
- The number of homes for sale in December 2018 was 2,057 which was a decrease of -7.8 percent from 2017.
- The number of new listings in December 2018 was down to 666 which was an increase of +9.2 percent from 2017.
- The average days on market in December 2018 was 36 which was a decrease 👇 of -5.3 percent from 2017.
- The months supply of homes in December 2018 was 2.3 which was a decrease of -4.2 percent from 2017.
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