This week it is time to zero in on a specific local community and I have chosen to look at the Rochester, Michigan. We have had some current real estate activity in this area and so I thought it would be great to see what is happening in the market here. So let’s take a look at the Rochester Real Estate Market for June 2018.
We’ll start with the Homes for Sale in June in Rochester, Michigan. In 2016 there were 62 homes for sale in June and that dropped by -21 percent in 2017 to having only 49 homes for sale. In 2018, we saw a further drop of -10.2 percent with only 44 homes on the market. A significant decrease from 2016.
Next, we’ll look at the year over year averages of days on market. We’ll start with the averages days on market for June in 2016 that number was 48 and then it actually increased by +18.8 percent to 57 average days on market in 2017. In 2018, however, the average days on market were less than in both 2016 and 2017, having dropped by -35.1 percent from the previous year to 37 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 2016 the Months Supply of Homes for Sale in Rochester was 5.0 months and in 2017 it decreased to 4.4 months which was a -12 percent drop. In 2018, however, the Months Supply of Homes for Sale decreased to 3.6 months which was a -18.2 percent drop. That’s pretty significant and does put this community into a Sellers’ market according to Findwell.com’s definition. Call me and we’ll discuss.
The current market is moving quickly making it all the more important that you have someone in your corner who knows how to negotiate and will get you into the home you wish to purchase. 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!