February has ended which means . . . it is time for another real estate market update! Let’s start this month off by looking at the Oakland County Real Estate Market for February 2019!
We’ll begin by reviewing the year-over-year comparison of Homes for Sale from 3 years ago in February. You will notice from the graph below that inventory was down from the previous 2 years in Oakland County. We went from an inventory of 3,965 homes for sale in 2017 to a decrease of -16.2 percent of 3,324 homes for sale in 2018. We then further decreased another -10.2 percent in 2019, to 2,984 homes for sale on the market in Oakland County for February.
Next, we’ll look at the New Listings on the market in February 2019. We’ll start with 2017, where we find 1,739 new listings to the market and in 2018, there were 1,443 new listings. Finally, in February of 2019, that number decreased slightly to 1,426 new listings. We went down between 2017 to 2018, by -17.0 percent and again, slightly decreased by -1.2 percent from 2018 to 2019.
Now we turn to the average days on market starting with 47 days in 2017, dropping very slightly by -2.1 percent in 2018, to 46 days. In 2019, we saw a slight increase of +6.5 percent to an average of 49 days on market in Oakland County for February.
Finally, we look at February’s Months Supply of Homes for Sale. In 2017, it was 2.7 months and in 2018, that dropped -14.8 percent to 2.3 months. In 2019, we dropped slightly again by -4.3 percent to 2.2 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 February 0f 2019 was 2,984 -10.2 percent from the previous year.
- The number of new listings in February 2019 was 1,426 👇 -1.2 percent from the previous year.
- The average days on market in February 2019 was 49 days +6.5% from the previous year.
- The months supply of homes in February 2019 was 2.2 months 👇 -4.3% from the previous year.
Again, if you’d like to compare these statistics to January 2019 then please see our blog “Oakland County Real Estate Market Update for January 2019.”
And welcome to The Integrity Team. You belong here.