Summer is in full swing and the end of the second quarter comes as well. Can you believe we are already in July? Here is the market recap for Oakland County this quarter.
How did Q2 2022 hold up against Q2 2021? High demand and speed defined Q2 2021 and a lot has changed in 365 days. (Including the market shift and a recession, read more here)
For Oakland County, the current average days on market is slightly faster. 2021 saw averages of 24 days on market.
In the second quarter of 2022, homes sold quickly with an average of 21 days on market. However, in June 2022, there was an increase of 4.76% in market time compared to the same month 2021. We also see that the market time has been stable at 22 days for both May and June.
As for active homes on market, there have been fewer homes available over the last few years. There was a national inventory shortage and Oakland County did experience the whirlwind in 2021. In April 2022, there were 344 more active homes than in 2021, which is a 16.22% increase in inventory. The second quarter of 2022 is showing that more homes are available and that buyers can take more time and scrutiny in their housing search.
Sellers are, on average, receiving at least 100% of their asking prices currently. This is the “List to Sale Price” ratio. It can be a good indicator of who controls the market. 2022 is favoring sellers, much like most of 2021.
In May of 2021, the ratio sat at 101.8%. A year later, the ratio rose by 1.2% percent to 103.0%.
Another common statistic is how many sales did each quarter yield. Q2 2021 had a total of 4,800 sales and 2022 saw 4,114 sales. That is a difference of 626 or roughly 14.29%.
Overall, 2022’s second quarter saw short market times, growing inventory, and solid list-to-sale price ratios.
If you would like a current market analysis for your home, we will gladly pull one together and discuss it at your convenience. Simply reach out here: Contact Us.
If you are looking to sell, buy, or in need of advice, reach out at 833-333-GWEN.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic. Not all sales are reported.