I cannot believe March has ended and how often do we say this!? Or this, “That was fast!!” Well, it was and with the end of one month, we get to look back and see how the local market is trending. We’ll start off this month with a look at the Oakland County Real Estate Market for March 2019!
We begin by reviewing the year-over-year comparison of Homes for Sale from 3 years ago in March. 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 4,039 homes for sale in 2017 to a decrease of -14.0 percent with 3,472 homes for sale in 2018. We then further decreased another -10.3 percent in 2019, with 3,116 homes for sale on the market in Oakland County for March.
Next, we’ll look at the New Listings on the market in March 2019. We’ll start with 2017, where we find 2,407 new listings added to the market and in 2018, there were 2,244 new listings. Finally, in March of 2019, that number decreased slightly to 2,130 new listings. We went down between 2017 to 2018, by -6.8 percent and again, slightly decreased by -5.1 percent from 2018 to 2019.
Now we turn to the average days on market starting with 42 days in 2017, dropping very slightly by -2.4 percent in 2018, to 41 days. In 2019, we saw a slight increase of +4.9 percent to an average of 43 days on market in Oakland County for March.
Finally, we look at March’s Months Supply of Homes for Sale. In 2017, it was 2.8 months and in 2018, that dropped -10.7 percent to 2.5 months. In 2019, we dropped slightly again by -8.0 percent to 2.3 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 March 0f 2019 was 3,116 -10.3 percent from the previous year.
- The number of new listings in March 2019 was 2,130 -5.1 percent from the previous year.
- The average days on market in March 2019 was 43 days +4.9% from the previous year.
- The months supply of homes in March 2019 was 2.3 months -8.0% 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 February 2019.”
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