Last week we reviewed the Oakland County Real Estate Market for May 2018. This week we turn our attention towards the Macomb County Real Estate Market for a May 2018 Update. We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in May 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 4,053 homes for sale in 2016 to a decrease of -32.5 percent in 2017 of 2,736 homes for sale. We then further decreased another -18.3 percent in 2018 to only 2,234 homes for sale on the market in Macomb County for May.
Let’s take a look at the new listings on the market in May. We’ll start with 2016 with 20,479 new listings to the market and in 2015 there were 15,829 new listings. Finally, in May of 2018, there were 15,389. That was a -2.8 percent drop from the year previous, 2017. 2017 the inventory dropped -22.7 percent from 2016.
Now we turn to the average days on market starting with 42 in 2016 and dropping -11.9 percent in 2017 to 37 days. In 2018 we saw a further drop of -18.9 percent to an average of 30 days on market in Macomb County.
Finally, we look at May Months Supply of Homes for Sale. In 2016, it was 4.1 months and in 2015. that dropped to 2.8 months. In 2018, we further dropped by -14.3 percent to 2.4 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 May 0f 2018 was 2,234. 👇
- The number of new listings in May 2018 was down to 15,389. 👇
- The average days on market in May 2018 was 30. 👇
- The months supply of homes was 2.4. 👇
If you’d like to compare these statistics to April 2018 then please see our blog “Macomb Real Estate Market Update for April.”
If you have questions, don’t hesitate to reach out! And welcome to The Integrity Team 🙂 You belong here.
[signature]