Oakland Twp Real Estate Market for August

This week I am reviewing the Oakland Twp Real Estate Market for August. We currently have 4 listings in this area as of today. Feel free to compare this to last month’s blog, “Oakland Twp Real Estate Market for July.”

We’ll start with the Homes for Sale in August in Oakland Twp. In 2016, there were 248 homes for sale and that number dropped by -11.7 percent in 2017, to having only 219 homes for sale. In 2018, we saw a further drop of -31.1 percent with only 151 homes on the market. A significant decrease from 2016.

Next, we’ll look at the year over year averages of days on market. We’ll start with the average days on market for August in 2016, that number was 44 days and then it increased by +31.8 percent to 58 average days on market in 2017. In 2018, however, the average days on market was slightly less than in 2017, at 56 days on market. It was still more than 2016, however.

The next graph I like to explain as it isn’t always understandable to the average person looking at these statistics. We are going to look at the Supply of Homes for Sale. 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. (definition supplied by Findwell.com)

If you look at the current graph below you will see that back in 2016, the Months Supply of Homes for Sale in Oakland Twp was 6.2 months. In 2017, it increased slightly to 6.5 months which was a +4.8 percent increase. In 2018, the Months Supply of Homes for Sale decreased to 5.7 months which was a -12.3 percent drop from 2017. So this year, the months supply of homes for sale was less than in both 2016 and 2017.