In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for January 2019.” Now we will turn our attention towards the Macomb County Real Estate Market for January 2019.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in January to the current year. You will notice from the graph below that inventory is definitely down from 2017 in Macomb County. We went from an inventory of 2,289 homes for sale in 2017 to a decrease of -12.6 percent in 2018, with just 2,001 homes for sale. We further decreased another -7.4 percent in 2019, to 1,852 homes for sale on the market in Macomb County for January.
Next, let’s take a look at the new listings on the market in January. We’ll start in 2017, with 968 new listings coming to the market and then in 2018, there were 866 new listings. Finally, in January of 2019, there were 998. That was an increase of +15.2 percent from the year previous, 2018. In 2018, the inventory decreased by -10.5 percent from 2017.
Now we turn to the average days on market starting at 43 days on market in 2017 and decreasing by -9.3 percent in 2018, to 39 days. In 2019, we held even at 39 days on market in Macomb County for January.
Finally, we look at the Months Supply of Homes for Sale in January. In 2017, it was 2.3 months and in 2018. that slightly dropped by -8.7 percent to 2.1 months. In 2019, we held even at 2.1 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 January 2019 was 1,852 which was a decrease
of -7.4 percent from 2018. - The number of new listings in January 2019 was down to 998 which was an increase
of +15.2 percent from 2018. - The average days on market in January 2019 was 39 which was the same 👉 as in 2018.
- The months supply of homes in January 2019 was 2.1 which was the same 👉 as in 2018.
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