Last week we talked about the Oakland Twp Real Estate Market for June and this week we are turning our attention to the “Troy Real Estate Market Update for June.” Both of these areas are where we do a lot of real estate work. Here’s where you can find more detailed information regarding the Troy community.
Let’s start this off by looking at the homes for sale in June with a comparison of year over year starting in 2016. You’ll note that in June of 2016 Troy had 284 homes for sale followed by a -31.0 percent drop to 196 homes in 2017 and down to 193 homes in 2018.
The average days on market are next. In 2016 the average days on market in June for Troy were 42 days and in 2017 it went down by – 31.0 percent to 29 days on market. When we look at 2018, we see the average days on market actually edged up by +6.9 percent from the year previous to 31 days on market. So a bit longer on the market than in 2017, but not nearly as long as in 2016.
Next, we look at the graph which reflects the Months Supply of Homes for Sale. I pretty much always assume the definition of this term needs to be clarified each time I mention it because not everyone understands what Months Supply of Homes for Sale means. Here’s a pretty good definition. “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 June 2016 the Months Supply of Homes for Sale in Troy was 3.6 months and in 2017 it decreased to 2.6 months which was a -27.8 percent drop. In 2018, the Months Supply of Homes for Sale decreased to 2.5 months which was a -3.8 percent drop.
So there you have it! If this causes you to have any questions with regard to the Troy real estate market, please reach out to me. That’s what I’m here for and if you are a buyer hoping to get into a home then you definitely will need someone who is a good advocate and will negotiate on your behalf. The Integrity Team will be that advocate. I will be that advocate.
Another reason to have us 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 who have worked with my team. To me, that’s one of the best signs that we’re doing our job right.
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