Oakland Twp Real Estate Market for July

This week I am reviewing the Oakland Twp Real Estate Market for July. 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 June.”

We’ll start with the Homes for Sale in July in Oakland Twp. In 2016, there were 269 homes for sale in July and that dropped by -20.4 percent in 2017, to having only 214 homes for sale. In 2018, we saw a further drop of -27.6 percent with only 155 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 July in 2016, that number was 49 and then it actually increased slightly by +8.2 percent to 53 average days on market in 2017. In 2018, however, the average days on market was less than in both 2016 and 2017, at 44 days on market.

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 7.0 months. In 2017, it decreased to 6.1 months which was a -12.9 percent drop. In 2018, the Months Supply of Homes for Sale decreased again to 5.8 months which was a -4.9 percent drop. That’s pretty significant from 2016 (7.0 months) to 2018 (5.8 months). Call me and we’ll discuss this further.