March 2022 Real Estate Market Update – Oakland County, Michigan

Hey guys, Brandon here, Mitten Made Properties. We have your Oakland County, March 2022 real estate market update. So let’s jump right into this, I always preface with three thing or excuse me, two things. We have three years of data because the trend is your friend. You want them to see the trend here. One year of data wouldn’t make any sense. And then we have their monthly arrears because that data is signed, sealed, delivered, aggregated, and we’ve got it here for you. So let’s jump right into this

Days on market

Days on market is DOM. Anytime you see that, that’s all, it means 60 days on market two years ago. So you believe that two months on market 41 last year, and then a month, this year, remarkable stuff.

Active number of homes in the market

Active. This is a one day data sample. So the time the data was taken, how many listings on the market at that time? 3708, two years ago, 2118 last year, again, that was the Cerveza sickness and then 1872 this year. So again, we can see, we are hemorrhaging homes here in Oakland county, less and less homes on the market right now, which is really remarkable. They’re just flying off the shelves. And as we get down here, we’ll see that, you know, there’s really just not a new abundance of homes coming. The market it’s being refilled, but at lower numbers.

Month of inventory

Months of inventory, this is MOI. This is at the rate homes are selling. How long would it take to sell every last home if no new homes hit the market? And just for context, one to three months is a seller’s market, four to six, the balance market and a seven plus is a buyer’s market. Meaning there’s a ton of inventory and prices have come down 2.31 two years ago, 1.27. So again, you know, five weeks of inventory last year, and then 1.23, the same thing, just over four weeks of inventory, four and a half, five weeks of inventory. So it take four and a half weeks. If no new homes came to the market four and a half weeks, and all the homes would be gone in Oakland County, remarkable stuff. And this is a quick ratio to see what kind of market we’re in.

New homes in the market

New. This is how many listings came on the market the entire month, 2385, two years ago, 2505 last year, and then 2404 this year. Again, seeing a decrease here. We had these levels that are not elevating, unfortunately. So we would like to see these yet 3350 more and more homes flooding the market here. So we can, you know, get the glut of homes and just get that log jam out of the way. And that way buyers, can and can get some homes at better prices here. Cause it really does hamster the market, cause even the sellers, even though you might be making potentially paper gains you, you don’t have it until you close. You don’t have those gains. And you’re trying to find another house it’s very hard. So we need a little bit more balanced market. So everyone benefits.

Price per square foot

Price per square foot 133, two years ago, 153 last year and 177 this year. Again, you can see the increase going up, up into the right, I should say, seeing the equity, the appreciation, this is a countywide number though. If you take this number and you multiply buyer square footage, it’ll give you approximate valuation in your home. However, because it’s the countywide number. You have to have have someone on our team, an appraiser, some professional come and give you an actual evaluation on your home. So it would just be cognizant of that. It’s more to see the trend of the county.

Sold

Sold, this is the number of people actually sitting at a closing table in a room like this with, at a big conference table, closing with your title company, with the other, the other party and your agents 1602, two years ago, 1669 last year and then 1524 this year. So again, we’re seeing this decrease a little bit too. It’s just because so many homes are coming in and, and coming off so quickly, but we have less homes in the market.

So we’re gonna keep monitoring this for the last 5, 6, 7 years. We’ve been doing this and monitoring the, this every single month. We’re gonna keep doing this. So you have the information you need to make the best decisions for you and your family. Oakland County, March 2022, next month in about three weeks, we’ll have April 2022 for you guys. You can keep on tap and keep on top of this. This is, is really unprecedented stuff we’re going through. So, stay tuned. We appreciate your time, the most important. So we have so thank you for sharing with us and we’ll see you on the next one.