Royal Oak Market Intel: Year Over Year 1st and 2nd Quarters Breakdown
If we dissect this by price point you will see that the 100-199k price point in the 1st quarter of 2016 saw 129 solds and in 2017 there were 145. That was an increase of 12.40 percent in 2017. What was really interesting, however, was the next price point of 200-299k which had 91 solds in 2016 and in 2017 that soared to 144! That was a 58.24% INCREASE in 2017! That’s significant! In the price range of 300-399k we saw an increase of 13.99 percent.
If we look at the summation for both 2016 and 2017 1st quarter we notice the inventory of solds rose from 2016 to 2017 first quarter by 37.5 percent! The days on market decreased by 27.67 percent and the average sold price increased by 10.54 percent. I’d say those were good numbers.
In the 2nd quarter overview, we see the inventory in the 200-299k price point increased by 13.61 percent. In the 100-199k range the inventory of solds decreased year over year by 33.93 percent. What is interesting about these yearly comparisons in the 2nd quarter is the next price range of 300-399k. We see an increase of 50 percent from 2016 2nd quarter to 2017 2nd quarter in this price range.
So it has definitely been an interesting look at the Royal Oak inventory. If you have questions or would like more information, please contact me. I’m happy to go a bit deeper regarding this market or any other nearby market. Numbers are my thing and real estate is what I love. Oh and if you can, visit in person so you can see our new office. We love it!!