In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for November 2018.” This week we turn our attention towards the Macomb County Real Estate Market for November 2018.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in November to the current year. You will notice from the graph below that inventory is significantly down from 2016 in Macomb County. We went from an inventory of 2,912 homes for sale in 2016 to a decrease of -10.1 percent in 2017, with only 2,617 homes for sale. We further decreased another -15.2 percent in 2018, to only 2,220 homes for sale on the market in Macomb County for November.
Next, let’s take a look at the new listings on the market in November. We’ll start in 2016, with 1,059 new listings coming to the market and then in 2017, there were only 974 new listings. Finally, in November of 2018, there were 1,026. That was an increase of +5.3 percent from the year previous, 2016. In 2017, the inventory decreased by -8.0 percent from 2016.
Now we turn to the average days on market starting at 36 days on market in 2016 and dropping -13.9 percent in 2017, to 31 days. In 2018, we increased slightly by +6.5 percent to an average of 33 days on market in Macomb County for November.
Finally, we look at the Months Supply of Homes for Sale in November. In 2016, it was 2.9 months and in 2017. that slightly dropped by -3.4 percent to 2.8 months. In 2018, we further dropped by -10.7 percent to 2.5 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 November 2018 was 2,220which was a decrease 👇of -15.2 percent from 2016.
- The number of new listings in November 2018 was down to 1,026 which was an increase👆 of 5.3 percent from 2016.
- The average days on market in November 2018 was 33 which was an increase👆 of +6.5 percent from 2016.
- The months supply of homes in November 2018 was 2.5 which was a decrease 👇 of -10.7 percent from 2016.
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