How did the September market fare?
Still continuing as a wonderful seller’s market from last month (read our update here!). Homes are selling in the blink of an eye it seems. The market has continued its patterns over the last couple of months so don’t forget to come back for our October update to see if anything changed!
The average days on market for September 2020 in under a month, roughly about 22 days. We are seeing this trend repeating across quite a few price bands in our area. Especially in the 200-299,000 price band, which sounds accurate as Oakland County’s average price point is near $240,000.
This market is favoring the sellers big time. We can actually see that from 2019, the Oakland County list to sale price ratio is 98.3% and in 2020, the ratio is 100.0%. That’s an increase of 1.7%. If you are thinking about selling, this is the time and the market.
In September, the number of new listings was lower than in 2019 by about 42%. Granted, COVID has caused some dips in stats over the last few months, and the low inventory is a factor.
This market is not slowing down any time soon. Homes are selling and the market is hot! September was a great month for sales as 2020 beat out 2019 with an 11.7% increase in sales.
The September market performed well and sellers are very happy right now. Here’s to a great month of sales, speedy market movement, and lots of over-asking multiple offers.
If you would like to see how your home is faring in the current market, we’re always happy to pop by for a market analysis. Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.