Oakland Twp Real Estate Market for June

This week I am reviewing the Oakland Twp Real Estate Market for June. We have 4 current real estate listings in this area as of today, but by the time you read this that number may be zero. We have trouble keeping homes on the market lately. The demand is outpacing the supply. Let’s look at the charts and maybe they will reflect this point.

We’ll start with the Homes for Sale in June in Oakland Twp. In 2016 there were 254 homes for sale in June and that dropped by -24.4 percent in 2017 to having only 192 homes for sale. In 2018, we saw a further drop of -18.8 percent with only 156 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 June in 2016 that number was 66 and then it decreased by -22.7 percent to 51 average days on market in 2017. In 2018, however, the average days on market were less than 2016, but slightly higher than in 2017, at 57 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 6.6 months and in 2017 it decreased to 5.1 months which was a -22.7 percent drop. In 2018, the Months Supply of Homes for Sale decreased to 4.9 months which was a -3.9 percent drop. That’s pretty significant from 2016 (6.6) to 2018 (4.9) and this does put this community into a Sellers’ market according to Findwell.com’s definition. “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.” Call me and we’ll discuss this further.