This week it is time to zero in on Rochester, Michigan. I thought it would be great to see what is happening in this specific market. So let’s take a look at the Rochester Real Estate Market for July.
We’ll start with the Homes for Sale in July in Rochester, Michigan. In 2016 there were 65 homes for sale in July and that number dropped by -26.2 percent in 2017 to having only 48 homes for sale. In 2018, we saw an increase of +16.7 percent with 56 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 July in 2016 that number was 46 and then it decreased by -47.8 percent to 24 average days on market in 2017!! Pretty dramatic decrease, right! In 2018, however, the average days on market increased from 2017, by +20.8 percent to 29 days on market. Still significantly lower than in 2016 though!
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 5.6 months and in 2017 it decreased to 3.9 months which was a -30.4 percent drop. In 2018, however, the Months Supply of Homes for Sale increased to 5.1 months which was a +30.8 percent increase.
So the market in Rochester is definitely changing as we progress through the Summer months. If you’d like to compare these stats with last month then click over to Rochester Real Estate Market for June.
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