We conclude yet another Summer real estate market and now we head into the Fall real estate market. We begin this season with a review of the Oakland County real estate market update for September 2018.
We’ll start with the year-over-year comparison of Homes for Sale from 3 years ago in September 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 5,907 homes for sale in 2016 to a decrease of -10.7 percent of 5,276 homes for sale in 2017. We then further decreased another -12.3 percent in 2018 to only4,625 homes for sale on the market in Oakland County for September. Compare this to the previous month, “Oakland County Real Estate Market Update for August 2018.”
Next, we’ll look at the New Listings on the market in September. We’ll start with 2016, with 2,343 new listings to the market and in 2017, there were 2,370 new listings. Finally, in September of 2018, there were 2,304. We slightly increased between 2016 to 2017, by +1.2 percent and decreased by -2.8 percent from 2017 to 2018.
Now we turn to the average days on market starting with 33 days in 2016, dropping -15.2 percent in 2017, to 28 days. In 2018, we saw a very slight drop of -3.6 percent to an average of 27 days on market in Oakland County for September.
Finally, we look at September’s Months Supply of Homes for Sale. In 2016, it was 4.0 months and in 2017, that dropped -7.5 percent to 3.7 months. In 2018, we further dropped by -10.8 percent to 3.3 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 September 0f 2018 was 4,625 👇 -12.3 percent from the previous year.
- The number of new listings in September 2018 was 2,304 👇 –2.8 percent from the previous year.
- The average days on market in September 2018 was 27 days 👇 -3.6% from the previous year.
- The months supply of homes in September 2018 was 3.3 months 👇 -10.8% 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 August 2018.”
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