We’re going to turn our focus this week to the Oakland Twp May Real Estate Market Update and if you look at our new listings you’ll find 4 active NEW Oakland Twp listings and 1 pending Oakland Twp listing. I think you’ll see why people are deciding now is the time to list their Oakland Twp homes. Let’s start this week with the number of homes for sale comparing them from 2016, 2017 and 2018.
In 2016 there was an inventory of 256 homes for sale that May and the following year, in May 2017, that number dropped by -23.0 percent to only 197 homes for sale. In May 2018 the number further fell by -18.8 percent to a mere 160 homes for sale. Definitely indicating that the supply is down and we know what that means, but let’s look at the graphs.
In the next graph we’ll examine the Average Days on Market. In May 2016 the average days on market in Oakland Twp was 66 and that number dropped the following year in May 2016 by -21.2 percent to 52 days, BUT in May 2018 the average days on market increased by +7.7 percent to 56 days. It was still less than in 2016, but slightly longer than 2017.
Let’s next turn our attention to May’s Months Supply of Homes for Sale. Again, for those who do not know what this means here’s a pretty good definition. “The Supply of Homes for Sale 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. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
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.” (definition supplied by Findwell.com)
So in May 2016, the Months Supply of Homes in Oakland Twp was 6.6 and in May 2015 that number dropped by -21.2 percent to 5.2. In May 2018 the number further dropped by -5.8 to 4.9. According to Findwell’s definition that would indicate we are even further into a market which favors sellers. We see this with the homes we have been listing.
So if you are interested in more information regarding this area or any other local area, please contact me. I love to talk real estate. We can also look at your options if you are thinking about entering the market from the buyer’s side. We’ll even let you borrow our moving van. Just fill the tank when you’re done. 🙂
Here are some of our recent Oakland Twp homes that are available as of today June 22, 2018. Contact us if you’re interested.
4255 HERON, Oakland Twp, Michigan 48306
Definitely, reach out to us if you are interested in one of these homes or have questions about this area or any other local area.