In the last Market Blog, we reviewed the “Oakland County Real Estate Market Update for September 2018.” This week we turn our attention towards the Macomb County Real Estate Market for Sept 2018.
We’ll start the discussion with a year-over-year comparison of Homes for Sale from 3 years ago in September 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 3,287 homes for sale in 2016 to a decrease of -11.2 percent in 2017 of 2,918 homes for sale. We then further decreased another -15.3 percent in 2018 to only 2,473 homes for sale on the market in Macomb County for September.
Next, let’s take a look at the new listings on the market in September. We’ll start in 2016, with 1,439 new listings coming to the market and then in 2017, there were 1,482 new listings. Finally, in September of 2018, there were 1,426. That was a slight decrease of -3.8 percent from the year previous, 2017. In 2017, the inventory slightly increased by +3.0 percent from 2016.
Now we turn to the average days on market starting at 35 days on market in 2016 and dropping -22.9 percent in 2017, to 27 days. In 2018, we saw a very slight decrease of -3.7 percent to an average of 26 days on market in Macomb County for September. Still less than in 2016.
Finally, we look at the Months Supply of Homes for Sale in September. In 2016, it was 3.3 months and in 2017. that dropped to -6.1 percent to 3.1 months. In 2018, we further dropped by -12.9 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 September 2018 was 2,473 👇-15.3 percent from the previous year.
- The number of new listings in September 2018 was down to 1,426 👇 -3.8 percent.
- The average days on market in September 2018 was 26 👇 -3.7 percent.
- The months supply of homes in September 2018 was 2.7 👇 -12.9 percent.
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