Last week we looked at Rochester Michigan’s Real Estate Market and this week we turn our attention to Troy Michigan’s April Real Estate Market. Both of these areas are where we do a lot of real estate work. In fact, here’s a current home we have that is listed in the Troy area.
We’ll start by looking at the homes for sale in April with a comparison of year over year starting in 2016. You’ll note that in April of 2016 Troy had 298 homes for sale followed by 202 homes in 2017 and down to 191 homes in 2018. That is a -5.4 percent drop in inventory of homes from 2017.
When the inventory is down, generally speaking, the time on the market usually corresponds to a shorter period of selling time. Let’s see how accurate that statement is. In 2016 the average days on market in April for Troy were 43 days and in 2017 it went down to 32 days on market. When we look at 2018 we see a further drop to 28 days on market with a -12.5 percent drop from 2017. So yes, shorter time because of less competition.
Next, we look at the familiar graph of Months Supply of Homes for Sale. It is worth reviewing what exactly this means again. 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 have questions about the meaning or anything else, please contact me. I’d be happy to explain in detail.
If you look at the current graph below you will see that back in 2016 the Months Supply of Homes for Sale in Troy was 3.8 months and in 2017 it decreased to 2.6 months which was a -31.6 percent drop. In 2018, however, the Months Supply of Homes for Sale decreased to 2.5 months which was a -3.8 percent drop.
So just like in Rochester, Michigan, the current market situation makes it crucial that a buyer has a buyer’s representative because moving quickly, knowing how to negotiate and with purpose is what will get you into your next home. You don’t want to lose that dream home. If you are considering a sale of your Troy home then there’s no better time then the present! Give me a call. I would love to discuss this with you further. No pressure, but just know that I’m here when you are ready!
Another reason to have a real estate advocate in your corner is due to stories like this, “A Seller’s Market Is Not Permission To Bully.”
This kind of market can bring out the worst or the best in people. Let me make sure that you have the best experience possible. Take a look at our reviews from people that have worked with my team. To me, that’s one of the best signs that we’re doing our job right.