Summer is quickly approaching and with it comes the May 2022 market update for Oakland County.
The May 2022 market stats reflect more active homes for sale than last year. Inventory has inched back up a bit with around 220 more homes available on the market that May 2021. That is an 11.34% increase in active listings. Like we have seen in the previous months, May’s sales are also down from 2021 by 17.49% or 277 fewer sales.
The market is adjusting with mortgage rates rising back up compared to what we have seen in previously with low rates and increased buyer demand (click to read previous updates).
With regard to additional statistics about the current market, the list-to-sale price ratio has increased by 1.2% to 103.0%. The current ratio* sits over 100.0%. This means on average, sellers are receiving the full value of their asking price or more in Oakland County.
*This is an averaged value, so there will be sales that sold for less and sales that sold for more; not all sales are represented in our MLS*
The current market time is just shy of 2 weeks with listings sitting on the market for an average of 16 days. This is 8 days faster than May 2021, which saw homes on the market for an average of 24 days. Overall, the market time has dropped by 33.33% in the last twelve months.
Rounding out, the May 2022 market saw an average market time of 16, a little over 2 weeks, a solid list-to-sale price ratio, and lower inventory.
If you would like a current market analysis for your home, we will gladly put one together and discuss it with you at your convenience. Simply reach out here: Contact Us.
If you want to sell, buy, or need some solid advice, reach out because we are always here with zero pressure. 833-333-GWEN.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic. Not all sales are reported.