This week it is time to zero in on one specific community. So let’s take a look at the Rochester Real Estate Market for October!
We’ll start with the Homes for Sale in October in Rochester, Michigan. In 2016, there were 54 homes for sale in October and that number dropped by -16.7 percent in 2017, to having only 45 homes for sale. In 2018, we saw a slight drop of -2.2 percent with only 44 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 October in 2016, that number was 138 and then it had a LARGE decrease of -79.7 percent to 28 average days on market in 2017!! A pretty dramatic decrease, right! In 2018, the average days on market increased by +92.9 percent to 54 days on market, but still significantly lower than in 2016.
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 4.6 months and in 2017, it decreased to 3.7 months which was a -19.6 percent drop. In 2018, the Months Supply of Homes for Sale increased to 4.1 months which was a +10.8 percent increase.
So the market in Rochester is definitely changing as we progress into the colder months. If you’d like to compare these stats with September then click over to Rochester Real Estate Market for September.
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