Last week we reviewed the Oakland County Real Estate Market for June 2018. This week we turn our attention towards the Macomb County Real Estate Market for June 2018.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in June to the current year. You will notice from the graph below that inventory is significantly down from the previous 2 years in Macomb County. We went from an inventory of 3,978 homes for sale in 2016 to a decrease of -33.5 percent in 2017 of 2,646 homes for sale. We then further decreased another -16.1 percent in 2018 to only 2,219 homes for sale on the market in Macomb County for June.
Next, let’s take a look at the new listings on the market in June. We’ll start with 2016 with 1,784 new listings to the market and in 2017 there were 1,743 new listings. Finally, in June of 2018, there were 1,612. That was a -7.5 percent drop from the year previous, 2017. In 2017, the inventory dropped -2.3 percent from 2016.
Now we turn to the average days on market starting at 35 in 2016 and dropping -31.4 percent in 2017 to 24 days. In 2018, we saw a slight increase of +4.2 percent to an average of 25 days on market in Macomb County for June.
Finally, we look at the June Months Supply of Homes for Sale. In 2016, it was 3.4 months and in 2017. that dropped to 2.6 months. In 2018, we further dropped by -26.9 percent to 1.9 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 June 2018 was 2,219. 👇
- The number of new listings in June 2018 was down to 1,612. 👇
- The average days on market in June 2018 was 25. A slight increase of 4.2 percent. 👆
- The months supply of homes in June 2018 was 1.9. 👇
If you’d like to compare these statistics to May 2018 then please see our blog “Macomb Real Estate Market Update for May.”
If you have questions, don’t hesitate to reach out! And welcome to The Integrity Team 🙂 You belong here.