November 2016 Real Estate Market Update – Oakland County, Michigan

I really look forward and enjoy bringing these monthly market updates to you every single month. Obviously, a home is most people's largest investment and it's the biggest thing they own. So knowing where the market's at, whether you're in the market or thinking of being on the market, it’s always extremely important to be knowledgeable in where the economy's at and where the market's going. So we're gonna jump right into it here. Won’t waste a lot of time. But we're going to the November stats for Oakland County as always. It's always Oakland County. Oakland County is a major county obviously in Metro Detroit. We're based in Oakland County. We do the majority of our business in Oakland County. We obviously do Macomb and in the northern part of Wayne and stuff like that, some Genesee and Livingston, but we try to focus in Oakland County just because it's the closest to our office. But, it also gives us the best sample size and we were going over numbers as well.

Days on Market

So in November 2015, we had 33 days on market compared to 26 this past November. Again, another pretty sharp drop off in the days on market, going again with that trend toward that seller's market.

Active homes on the market

There were just under 7,000 last November and there were just over 5,000 this November. So again that's almost a 2000 or about 1800, 1850 or so. Almost 2000 fewer homes on the market at homes year over year. So that's just again, remarkable. But also going with that trend we've seen this entire year.

Price per square foot

We had $130 per square foot and $122 this past November. Another increase, almost a $10 increase per square foot for homes in Oakland County on average.


We had 1764 in last November and 1,711 this November. We've had fewer homes in the market, almost the same amount of homes sold so that just shows you how fast the market is, how crazy it is, how much we're hurting for homes. Sellers are making help because there is a premium on home, there's not a lot of them out there. Simple supply and demand, right? There's not a lot of supply and there's a big demand. So prices are going up and homes are coming off the market fast.

Months of Inventory

It's kind of self-explanatory, but there were four months of inventory last year. There are three months of inventory this year. Obviously, the lower the inventory goes, the lower that number is, then you know what a seller's market is. And then the higher that number goes on months of inventory. The higher it goes, the more of a buyer's market it is. And then the lower it goes, the more of a seller's market it is. What we generally want to see is anywhere from four to six months probably right around there, five months or so. That's when we have a pretty balanced market.

New homes in the market

Then the number of new listings. We had fairly equal to the number of sold in a way, but there was 2,700 last November sold and there were 2,004, just under 2,500 that were new listings this past November. So again, we're seeing not a ton, obviously fewer homes this November. Then there was a year ago again following that trend.

So we're still seeing those trends are still kind of creeping along and really trending towards that seller market. And you hear people that are talking about it's a balanced market, stuff like that. You know, it's somewhat of a balanced market just in the last month or two in a way, just because of the election. It slowed down a little bit just because of the uncertainty. People don't like uncertainty and with the new president being elected, that's uncertainty. So you kind of saw a little dip in the market here. But which is leading us into the holiday season, which is naturally an annual dip again this month or so here from Thanksgiving to Christmas, but all signs point to a January as we've seen before the last two years, which is crazy and a lot of action. It would not surprise me if we saw that again here in January.

I hope that gives you guys some awesome information that arms you for the year to come. And obviously, we'll give you the December stats here in about a month. But, I hope that arms you guys with some information going into this year coming up and I hope you guys are getting some value out of this. You guys are getting value. Please share the video and get it out there and let me know, comment to me. Send an email to me at and let me know what you think. Let me know if there's anything else you'd like to know as well. We're always trying to improve and make it better by more values are for our clients, our database, our friends and family. We appreciate you guys a lot. Thank you for listening and hope you had an awesome Thanksgiving, a wonderful Christmas coming up and New Year. We'll talk to you soon.