How did the October market perform?
We are still in a seller’s market, but it is starting to cool off a bit (read our September update here!). Homes are still selling well, have no fear. We are finally seeing numbers slow down from the previous couple of months and settle into a normal rhythm.
The average days on market for October 2020 are still quite low, roughly 22 days on average. As compared to last October, houses spent about a month on the market, so not too drastic of a change.
This trend is repeating across several price bands over the last few months in Oakland County. Particularly, the 200-299,000 price band is moving pretty fast, which is on course for Oakland County, seeing as the average price point is around $240,000.
Since the October market showed signs of cooling, the list to sale price ratio has shifted just a bit from last month’s numbers, a small decrease of 0.02%.
In 2019, the Oakland County list to sale price ratio sat at 97.9%. This year, we are seeing an increase of 1.9%, making the list to sale price sit comfortably at 99.8%. It’s still a positive seller’s market, so reach out if you are thinking about selling your home!
In October, the low inventory continues for another consecutive month. From the previous year, we are experiencing a 43% decrease in active listings for October. This inventory shortage is continuing through 2020.
This market is starting to cool off just a bit, but you can still sell your home right now. Homes are selling and the data shows that in October 2020, we saw an increase in sales by 10.8%.
The October market fared well and trended positively for sellers. It was a great month of sales and market movement even as the market is starting to cool.
If you would like to see how your home is faring in the current market, we’re always happy to pop by for a market analysis. Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.