Let’s take a look at the Rochester Real Estate Market for March this week!
Homes for Sale in March
We’ll start with the Homes for Sale in March in Rochester, Michigan. In 2017, there were 41 homes for sale in March and that number dropped by -17.1 percent in 2018, to 34 homes for sale. In 2019, we saw an increase of +35.3 percent with 46 homes on the market.
March New Listings
Next, we’ll look at the year over year new listings that came on the market. We’ll start with March in 2017, that number was 22 and then the following year, 2018, we saw a slight decrease of –9.1 percent with 20 new listings entering the market. In March of 2019, that number increased by -10 percent to 22 new listings on the market!
March Months Supply of Homes for Sale
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 3.8 months and in 2018, it decreased to 2.9 months which was a -23.7 percent drop. In 2019, the Months Supply of Homes for Sale increased to 4.6 months which was a +58.6 percent increase.
That’s it for the Rochester market review, but if you’d like to compare these stats with the February market numbers then click over to Rochester Real Estate Market for February.
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