This week I am reviewing the Oakland Twp Real Estate Market for October. Feel free to compare this to last month’s blog, “Oakland Twp Real Estate Market for September.”
We’ll start with the Homes for Sale in October in Oakland Twp. In 2016, there were 210 homes for sale and that number dropped by -14.3 percent in 2017, to having only 180 homes for sale. In 2018, we saw a further drop of -28.3 percent with only 129 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 October in 2016, that number was 52 days and then it actually increased to 68 average days on the market in 2017. In 2018, however, the average days on market decreased quite a bit to only 37 days in 2018, which was a -45.6 percent drop from the previous year!
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 5.5 months. In 2017, it decreased slightly to 5.3 months which was a -3.6 percent decrease. In 2018, the Months Supply of Homes for Sale slightly increased to 5.4 months which was a +1.9 percent increase from 2017.
Here are the three listings we are representing as of today, which all are currently available –
4040 NORWICH, Oakland Twp, Michigan
1840 ROLLING OAKS Court Oakland Twp, Michigan 48306
5637 KIRKRIDGE Trail Oakland Twp, Michigan 48306
Contact us if you’re interested in any of these homes or in listing your home. If you are interested in buying or selling a home then please call us. We’re best known for one thing. Over-delivering.