In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for March 2019.” Now we will turn our attention towards the Macomb County Real Estate Market for March 2019.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in March 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 2,048 homes for sale in 2017 to a decrease of -9.9 percent in 2018, with just 1,846 homes for sale. We further decreased another -8.3 percent in 2019, to 1,692 homes for sale on the market in Macomb County for March.
Next, let’s take a look at the new listings on the market in March. We’ll start in 2017, with 1,302 new listings coming to the market and then in 2018, there were 1,184 new listings. Finally, in March of 2019, there were 1,307. That was an increase of +10.4 percent from the year previous, 2018. In 2018, the inventory decreased by -9.1 percent from 2017.
Now we turn to the average days on the market starting at 41 days on the market in 2017 and staying the same in 2018, at 41 days. In 2019, we increased by +7.3 percent to 44 days on market in Macomb County for March.
Finally, we look at the Months Supply of Homes for Sale in March. In 2017, it was 2.1 months and in 2018, that slightly dropped by -4.8 percent to 2.0 months. In 2019, we dropped by -5.0 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 March 2019 was 1,692 which was a decrease 👇 of -8.3 percent from 2018.
- The number of new listings in March 2019 was down to 1,307 which was a decrease👆 of +10.4 percent from 2018.
- The average days on market in March 2019 was 44 which was a decrease 👆 of +7.3 percent from 2018.
- The months supply of homes in March 2019 was 1.9 which was a decrease 👇 of -5.0 percent from 2018.
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