In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for October 2018.” This week we turn our attention towards the Macomb County Real Estate Market for October 2018.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in October 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 3,157 homes for sale in 2016 to a decrease of -10.2 percent in 2017, of 2,834 homes for sale. We then further decreased another -14.1 percent in 2018, to only 2,435 homes for sale on the market in Macomb County for October.
Next, let’s take a look at the new listings on the market in October. We’ll start in 2016, with 1,405 new listings coming to the market and then in 2017, there were 1,344 new listings. Finally, in October of 2018, there were 1,402. That was a slight increase of +4.3 percent from the year previous, 2016. In 2017, the inventory slightly decreased by -4.3 percent from 2016.
Now we turn to the average days on market starting at 37 days on market in 2016 and dropping -18.9 percent in 2017, to 30 days. In 2018, we held even with that number and stayed at an average of 30 days on market in Macomb County for October. Still less than in 2016.
Finally, we look at the Months Supply of Homes for Sale in October. In 2016, it was 3.2 months and in 2017. that dropped to -6.3 percent to 3.0 months. In 2018, we further dropped by -10.0 percent to 2.7 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 October 2018 was 2,435👇-14.1 percent from the previous year.
- The number of new listings in October 2018 was down to 1,402 👆 4.3 percent.
- The average days on market in October 2018 was 30 which was even with 2017, but 👇 -18.9 percent from 2016.
- The months supply of homes in October 2018 was 2.7 👇 -10.0 percent.
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