April 2022 Real Estate Market Update – Oakland County, Michigan
We have your Oakland county, April 2022 real estate market update. If I could talk, let’s jump right into this Brandon Gentile here Mitten Made Properties. We always preface a couple things here. We have three years of data, cause the trend is your friend. If we had one year of data, wouldn’t make any sense. And we have the month and arrears because now the data is done. It’s finalized half the pressed, we’re ready to roll. Let’s jump right into it.
Days on market
DOM. We always have days on market, bat and lead off here, days on market. We have 53 days, two years ago, 34 last year and 21 this year. So a huge decrease in Oakland county, which is insane.
Active number of homes in the market
Active. This is the number of listings on the day, the data was taken 3,695 two years ago, 2,299 last year and then 2,095 this year. So again, big decreases in these data points, which is gonna be interesting to see going forward, how this plays out.
Month of inventory
Months of inventory, MOI at the rate homes we’re selling, how long would it take to sell every last home with no new homes coming outta the market? And just to give you some context, one to three months is a seller’s market. Four to six is a balanced market. And then seven plus is a buyer’s market means there’s a ton of inventory and prices have come down 3.67 , two years ago, 1.24 last year, and then 1.26 this year. So it really hasn’t changed much about four, five weeks of inventory, five weeks of inventory or so, so still super, super tight seller of the market. Not allowed inventory new homes in the market.
New homes in the market
This is the number of new listings that actually came on the market that entire month 1,034, two years ago in the middle of the lockdowns there 2,814 last year and then 2,581 this year. So again last this year. So we’re seeing this trend for years now, less and less inventory coming to market, which is scary. You got pandemics, lockdowns, rumors, wars, all kinds of different stuff. Going on here.
Price per square foot
Price per square foot is $139. Two years ago, $163 last year and $178 this year. So again, if you took $178, multiply it by your home here in Oakland county, you could get approximately what your home is worth. However, the trend is more important. You wanna see the trend, which way the equity is moving. Cause if you, you are taking, you know, I know everyone’s looking at Zillow like third party sites and stuff like that and looking at their data and this is a countywide number. So all that’s gonna be a little bit off. You have to have someone on our team or an actual real estate professional come and see your house and actually give you evaluation on your house specifically, if you want the true evaluation.
Sold
So that being said, the last one sold has the actual people closing on a home 1,008, two years ago, 1,860 last year, and then 1,668 this year. Again, down a little bit, we don’t see this number change a lot unless there’s huge catastrophic events, but this is what’s going on.
We’re gonna continue doing this obviously in the months ahead, like we’ve done the last five, six years. The data is, is telling us that it’s just gonna need a less and the last going forward and interest rates, moving all kinds of crazy stuff going on. No one knows it’s gonna happen. So that’s why keep it here. We’ll keep you informed as to what’s going on so you can make the decision best decisions for you and your family. We appreciate your time. Your energy is the most important thing we have and we’ll see you on the next one.