The end of 1 month and the beginning of the next leads us to the Oakland County Real Estate Market Update for May 2018 discussion. We’ll start with the year-over-year comparison of Homes for Sale from 3 years ago in May 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 6,407 homes for sale in 2016 to a decrease of -19.6 percent in 2017 of 5,152 homes for sale. We then further decreased another -19.9 percent in 2018 to only 4,126 homes for sale on the market in Oakland County for May. Wow!!
Let’s take a look at the new listings on the market in May. We’ll start with 2016 with 3,639 new listings to the market and in 2017 there were 3,575 new listings. Finally, in May of 2018, there were 3,533. That was a -1.2 percent drop from the year previous, 2017. 2017 dropped -1.8 percent from 2016’s number of new listings to the market in Oakland County.
Now we turn to the average days on market starting with 35 in 2016 and dropping -11.4 percent in 2017 to 31 days. In 2018 we saw a further drop of -9.7 percent to an average of 28 days on market in Oakland County.
Finally, we look at May Months Supply of Homes for Sale. In 2016, it was 3.6 months and in 2017. that dropped to 3.0 months. In 2018, we further dropped by -20.0 percent to 2.4 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 May 0f 2018 was 4,126. 👇
- The number of new listings in May 2018 was down to 3,533. 👇
- The average days on market in May 2018 was 28. 👇
- The months supply of homes in May 2018 was 2.4. 👇
If you’d like to compare these statistics to April 2018 then please see our blog “Oakland County Real Estate Market Update for April.”
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