Time once again to zero in on one specific community. So let’s take a look at the Rochester Real Estate Market for December!
We’ll start with the Homes for Sale in December in Rochester, Michigan. In 2016, there were 39 homes for sale in December and that number dropped by -7.7 percent in 2017, to 36 homes for sale. In 2018, we saw another decrease of -19.4 percent with only 29 homes on the market.
Next, we’ll look at the year over year averages of days on market. We’ll start with the averages days on market for December in 2016, that number was 41 and then it had a significant increase of +107.3 percent to 85 average days on market in 2017. In 2018, the average days on market increased once again by +58.8 percent to 135 days on market. There are a lot of factors playing into this resulting change and I would love to discuss it with you. If you’re interested please reach out.
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 Rochester was 3.7 months and in 2017, it decreased to 3.0 months which was a -18.9 percent drop. In 2018, the Months Supply of Homes for Sale decreased again to 2.7 months which was a -10.0 percent increase.
That’s it for December, but if you’d like to compare these stats with the November market numbers then click over to Rochester Real Estate Market for November
Contact me if you’d like to discuss more regarding this subject and take a look around our website. You belong here.
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