May 2017 Real Estate Market Update – Oakland County, Michigan
We're back again giving you the update to the Metro Detroit area. Letting you know what's going on in the real estate market and boy, do we have some stats and information for you that I know you're going to find very interesting. We're gonna jump right into it today. It's never been a better market for sellers. It’s never been a better market for sellers. We were looking at some stats while we post stuff on here and below for the market stats from 10 years ago and there has never been a better time than right now to sell your home and fortunately alive. It's natural. It's because of the lack of inventory and it shows right here in the numbers and we even went back. We usually do just a year ago and it would compare to the same month. Last year we actually went back two years. You can see the trend and see a little bit more into the numbers.
Days on Market
So we have days on market, the days on market, 52 two years ago, 48 down to 43 again, just decreasing big time in the average days on market and it just keeps going down. It's been like that for a long time, keeps going down. This is average right now. Also so you can get different numbers, cumulative things like that. We've been showing some cumulative numbers lately, average a little bit more and this kind of shows you a little more of what's going on. And again, still though, regardless of whether it's average or cumulative, it’s still big decreases in days on market. Here are some really telling numbers.
Active homes on the market
Look at how many active homes there were two years ago, two Mays ago, 9,500. We had less than half homes on the market this past May. So this is why buyers are struggling so incredibly much right now and many sellers are making an absolute killing right now. So months of inventory, again, this is just another way of looking at these numbers right here. But at the rate that buyers are buying homes and homes are going into the market, if no new homes came in the market, how long would the inventory last? In two years ago, would have been four months. It would last it at this rate. It's a little bit under two actually rounded up but under two months. That's insane! That what's going on right now with inventory, the new listings, again, we see about the same amount of listings. Obviously a little bit less, 500 less than new listing coming up. So again, here it shows you how many are active, how many new listings are coming up. So less new listings obviously coming up that are less total in the market. And it's just a total lack of inventory.
Price per square foot
Again, driving up the price, the average price per square foot, $129 two years ago, $138 last year, $144 per square foot right now on the average. So again, lack of inventory, low supply, high demand, driving the prices that homes are selling for a big time. Again, a huge, huge benefit for salaries obviously. So if you're looking to sell your home, there is no better time right now, the next handful of months and really the rest of this year.
Sold
We have the same, about the same amount of sold. Look at that across the board last year. So same amount sold, but way fewer homes in the market. So if you guys are looking to sell your home, let us know where the experts here in Clarkston, Michigan, and in Oakland County and the Metro Detroit area. Our goal is to provide you with unbelievable value and information that you're not gonna find anywhere else. We've been doing this now for about a year and a half, providing content, videos, information and we're gonna have some links below here as well. If you want to see some of our free handouts, some of our freeways you can win and multiple offer situations if you're a buyer in some things are 98 point checklist. If you are gonna sell and what you absolutely have to do to get the home sold.
So I want to put some links in here that you can opt into some of our free stuff. You can get that and get prepared. Get out there and make some money. So we look forward to seeing you guys and providing some more value for you. I'm Brandon Gentile, Legacy Group Real Estate Team, here in Oakland County, Michigan, and Clarkston. We cannot wait to help provide more value to you very soon. Stay strong. Make it a great day. See you soon.