Oakland Twp Real Estate Market Report for September

This week I am reviewing the Oakland Twp Real Estate Market for September. Feel free to compare this to last month’s blog, “Oakland Twp Real Estate Market for August.”

We’ll start with the Homes for Sale in September in Oakland Twp. In 2016, there were 236 homes for sale and that number dropped by -18.2 percent in 2017, to having only 193 homes for sale. In 2018, we saw a further drop of -24.9 percent with only 145 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 September in 2016, that number was 42 days and it actually held even at 42 average days on the market in 2017. In 2018, however, the average days on market increased to 59 days in 2018.

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 decreased to 5.5 months which was a -11.3 percent decrease. In 2018, the Months Supply of Homes for Sale increased slightly to 5.8 months which was a +5.5 percent increase from 2017. So this year, the months supply of homes for sale was less than 2016 and slightly higher than in 2017.