We looked at the Oakland County Real Estate Market Update for April and the Macomb County Real Estate Market Update for April, as well. I thought this week we’d zero in on Rochester Michigan’s Real Estate Market.
I’m going to start with the number of homes for sale in Rochester comparing year over year from April 2016 to present. Back in 2016, Rochester, Michigan had 63 homes for sale and in 2017 that number dropped to 53. In 2018 the number dropped again to only 42 homes for sale in the Rochester, Michigan area which was a -20.8% decrease year over year.
Next, we’ll look at the year over year Average Days on Market as a comparison. You will see that it went from 49 DOM in 2016 and actually rose in 2017 to 53 DOM and then traveled back down again to 41 days in April of 2018 which was a -22.6% drop.
We will do something different at this point as I had a request from a person on LinkedIn 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 Rochester was 5.2 months and in 2017 it decreased to 4.6 months which was a -11.6 percent drop. In 2018, however, the Months Supply of Homes for Sale decreased to 3.4 months which was a -26.1 percent drop. That’s a pretty significant decrease.
The current market situation makes it crucial that a buyer has a buyer’s representative because moving quickly, knowing how to negotiate and with purpose is what will get you into the home you wish to purchase. You don’t want to lose that dream home. If you are considering a sale of your Rochester home then there’s no better time then the present! Give me a call. I would love to discuss this with you further. No pressure, but just know that I’m here when you are ready!