Time once again to zero in on one specific community. So let’s take a look at the Rochester Real Estate Market for February!
We’ll start with the Homes for Sale in February in Rochester, Michigan. In 2017, there were 38 homes for sale in February and that number dropped by -26.3 percent in 2018, to 28 homes for sale. In 2019, we saw an increase of +25.0 percent with 35 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 February in 2017, that number was 84 and then the following year, 2018, we saw an increase of days on market by +3.6 percent to 87 average days on market. In February of 2019, the average days on market decreased once again by -64.4 percent to 31 days on market!
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 2017 the Months Supply of Homes for Sale in Rochester was 3.6 months and in 2018, it decreased to 2.3 months which was a -36.1 percent drop. In 2019, the Months Supply of Homes for Sale increased to 3.5 months which was a +52.2 percent increase!! Still slightly below the months supply in 2017.
That’s it for the Rochester market review, but if you’d like to compare these stats with the January market numbers then click over to Rochester Real Estate Market for January.
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