The market is moving even amid the shelter-in-place executive order. The shift to virtual processes has been well-received by both buyers and sellers, and while we see a few bumps in the data, there was less of an impact last month than we expected.
This graph represents the number of sales in Oakland County, year over year.
The number of sales has dipped, but this is to be expected since buyers were unable to see homes. We were back to work yesterday, and based on the number of calls we are receiving, this number will stabilize somewhat.
Home values, on the other hand, are UP! It’s a mere .01%, but up is UP and we will take it. That’s great news.
If you’re thinking it’s time for you to explore the market, you can learn more about our new process and protocols here: virtual buying and selling process. We are happy to hop on a call anytime with you if you have questions.
This graph represents the percentage of the list price for which the home sold.
We watch this graph closely to see if prices are falling, and as an indicator of buyer confidence in the housing market.
The good news is the market is strong. We are actually up 0.5% in March 2020 over March 2019. Overall, buyer confidence is strong and values remain stable.
Keep in mind, this includes sales that were already in process before the quarantine, so I expect we may see some adjustment in the coming months, but so far, so good! 98% of list price is a very robust statistic.
All in all, real estate in Oakland County has adjusted quite well and remains strong. This is a reflection of the combined efforts of sellers, buyers, and the dedicated agents who represent them.
*Disclaimer: Data is reported from the MLS, not all sales may be included*