We conclude yet another month of real estate activity. Did that month go fast for anyone else?! Well, let’s begin with a review of the Oakland County real estate market for October 2018.
We’ll start with the year-over-year comparison of Homes for Sale from 3 years ago in October to the current year. You will notice from the graph below that inventory is significantly down from the previous 2 years in Oakland County. We went from an inventory of 5,688 homes for sale in 2016 to a decrease of -13.8 percent of 4,904 homes for sale in 2017. We then further decreased another -9.2 percent in 2018, to only4,454 homes for sale on the market in Oakland County for October. Compare this to the previous month, “Oakland County Real Estate Market Update for September 2018.”
Next, we’ll look at the New Listings on the market in October. We’ll start with 2016, with 2,256 new listings to the market and in 2017, there were 2,146 new listings. Finally, in October of 2018, that number changed to 2,386 new listings. We slightly decreased between 2016 to 2017, by -4.9 percent and actually increased by +11.2 percent from 2017 to 2018.
Now we turn to the average days on market starting with 38 days in 2016, dropping -15.8 percent in 2017, to 32 days. In 2018, we saw an actual slight increase of +6.3 percent to an average of 34 days on market in Oakland County for October.
Finally, we look at October’s Months Supply of Homes for Sale. In 2016, it was 3.9 months and in 2017, that dropped -12.8 percent to 3.4 months. In 2018, we further dropped by -5.9 percent to 3.2 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 October 0f 2018 was 4,454 👇 -9.2 percent from the previous year.
- The number of new listings in October 2018 was 2,386 👆 +11.2 percent from the previous year.
- The average days on market in October 2018 was 34 days 👆 +6.3% from the previous year.
- The months supply of homes in October 2018 was 3.2 months 👇 -5.9% from the previous year.
Again, if you’d like to compare these statistics to August 2018 then please see our blog “Oakland County Real Estate Market Update for September 2018.”
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