Time to look at another month of real estate activity in Oakland County. Let’s begin the new year with a review of the Oakland County real estate market for December 2018.
We’ll start with the year-over-year comparison of Homes for Sale from 3 years ago in December. You will notice from the graph below that inventory is down from the previous 2 years in Oakland County. We went from an inventory of 4,509 homes for sale in 2016 to a decrease of -12.3 percent of 3,956 homes for sale in 2017. We then further decreased another -7.4 percent in 2018, to 3,662 homes for sale on the market in Oakland County for December. Compare this to the previous month, “Oakland County Real Estate Market Update for November 2018.”
Next, we’ll look at the New Listings on the market in December 2018. We’ll start with 2016, with 1,067 new listings to the market and in 2017, there were 956 new listings. Finally, in December of 2018, that number changed to 1,029 new listings. We decreased a bit between 2016 to 2017, by -10.4 percent and actually slightly increased by +7.6 percent from 2017 to 2018.
Now we turn to the average days on market starting with 40 days in 2016, slightly dropping -5.0 percent in 2017, to 38 days. In 2018, we saw a very slight increase of +2.6 percent to an average of 39 days on market in Oakland County for December.
Finally, we look at December’s Months Supply of Homes for Sale. In 2016, it was 3.1 months and in 2017, that dropped -12.9 percent to 2.7 months. In 2018, we held even at 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 December 0f 2018 was 3,662
-7.4 percent from the previous year. - The number of new listings in December 2018 was 1,029
+7.6 percent from the previous year. - The average days on market in December 2018 was 39 days 👆 +2.8% from the previous year.
- The months supply of homes in December 2018 was 2.7 months 👉 0 change from the previous year.
Again, if you’d like to compare these statistics to November 2018 then please see our blog “Oakland County Real Estate Market Update for November 2018.”
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