Troy, Michigan had some interesting real estate occurrences with regard to year over year and 1st and 2nd quarter comparisons. I’m not going to explain the market reasons why as that’s something I’d rather do in person, but I will verbalize what the charts are reflecting for Troy’s area. Let’s start!
So if we break it down by price point you can see that the largest amount of inventory moved in the 1st quarter for both 2016 and 2017 was in the $200k to $299k price range. In the 2nd quarter it was again the same price range for both years, BUT in 2017 the solds went way up in 2017 in the next price level of $300k to $399k! We saw an increase from 46 to 70. That’s significant!
If we look at the summation for both 2016 and 2017 1st quarter we notice the average sold price went up slightly in 2017 while the average days on market were significantly less in 2017. They traveled from 83 in 2016 to just 58 in 2017! Another huge difference.
In the 2nd quarter overview, we see a slight increase in the number of solds for 2017 as they went from 259 to 261 and the average days on market was an incredible difference! In 2016 it was 51 days on market and in 2017 it was only 28 days on market!! The average sold price changed slightly by dipping $965 in 2017.
So it is interesting to take an overall view of the market to get a very micro feel for an area. The numbers reveal a lot, but there are definitely other factors to consider when interested in selling or buying in a particular area. That’s when your local realtor© (ahem!) comes into play. Let my experience work for you. Contact me today and let’s get “moving!”
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