We made it through yet another month and Summer is quickly coming to an end. We begin this month with a review of the Oakland County real estate market update for August 2018.
We’ll start with the year-over-year comparison of Homes for Sale from 3 years ago in August 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 7,190 homes for sale in 2016 to a decrease of -15.5 percent in 2017 of 6,077 homes for sale in 2017. We then further decreased another -13.9 percent in 2018 to only 5,234 homes for sale on the market in Oakland County for August. I’m sure if you’ve been following my market reports then you know our inventory is significantly lower than 3 years ago.
Next, we’ll look at the New Listings on the market in July. We’ll start with 2016 with 3,390 new listings to the market and in 2017 there were 3,378 new listings. Finally, in August of 2018, there were 3,270. We decreased between 2016 to 2017 by -0.4 percent and decreased once again by -3.2 percent from 2017 to 2018.
Now we turn to the average days on market starting with 33 days in 2016, dropping -18.2 percent in 2017 to 27 days. In 2018, we saw a very slight drop of -3.7 percent to an average of 26 days on market in Oakland County for August.
Finally, we look at August’s Months Supply of Homes for Sale. In 2016, it was 4.1 months and in 2017 that dropped -14.6 percent to 3.5 months. In 2018, we further dropped by -11.4 percent to 3.1 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 August 0f 2018 was 5,234 👇 -13.9 percent from the previous year.
- The number of new listings in August 2018 was 3,270. 👇 –3.2 percent from the previous year.
- The average days on market in August 2018 was 26 days 👇 -3.7% from the previous year.
- The months supply of homes in August 2018 was 3.1 months 👇 -11.4% from the previous year.
If you’d like to compare these statistics to July 2018 then please see our blog “Oakland County Real Estate Market Update for July”
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