October 2016 Real Estate Market Update – Oakland County, Michigan

Hope all has been well with you guys. Obviously, we're bringing you a lot of videos, a lot of content. This is our monthly market update that we sent out to everyone in our database, everyone we know, our business partners, friends, family, clients, loved one's path plants, investors. We love doing this for everybody and we get a lot of feedback doing this and because it's something that everyone's always wondering, “Hey, what's going on in the market? How's it compared to the past?” Whatever it may be, they always want to see what's going on. “Hey, where does my house stand? What does the market look like, what do you see in the future?” So we really enjoy what their insight is, videos and our monthly market updates and eventually we are going to be doing some other stuff too obviously that we've been talking about for awhile some different, local things we’ll be doing.

This is something that I can provide feedback for a lot of people in a broader sense. So we'll get right to it here, but I'm going to review the October numbers for the past year and give them to you, bring them down a little bit.

Days on Market

Average days on market in October of 2015 was 28 and this past October it was 23. So following the trend that we've seen all year long of decreasing number of days on market by five, that's quite a bit of time that. That’s the change there. So 28 to 23 days on the market.

Active homes on the market

Number of active homes was 7,400 last October. And then this October it was 5,600, so 1500 less homes on the market now in October than there were last year in October.

Price per square foot

Average square foot price per square foot, $116 per square foot. And this year in October it was $120 a square foot. So that just goes to show you again the price is climbing. This, if I didn't mention earlier, is Oakland County, so this is all Oakland County and but this will give you a snapshot of what's going on. If you're in Genesee, Macomb, Livingston or Wayne, it’s going to give you an idea of what's going on in the market.

Sold

We had 2200 just over 2200 last year. In October this year, we had just over 2000. So very similar. We had less homes in the market but almost the same amount sold. Showing that spike in the market this past year.

Month of Inventory

Both right around three months of inventory right now from this year to last year.

New homes in the market

But the number of new listing, there were 3,800 newly listed homes the last October. And then this past October there were only 3,100, so 700 home decrease from year over year. So the stats show us what we've been seeing in the market and proves everything that we've seen with our own eyes. Obviously, it just backed it up, but there's a huge inventory shortage. There's probably going to continue to be. And it can be interesting to see starting next year, the last two years, January has been crazy. Just January, boom, hit the ground running. We were still seeing multiple offer situations right now. There's not as many units out there and there are not quite as many people out there looking right now, but January heads and all of a sudden just seemed like boom!

The last two January is quite the same. It’d be January 2015 and we'd have multiple offers, situations called left and right. Who would have thought it was March. What month are we in? So that is something that I'm preparing for Mitten Made Properties. I am preparing the team for you. We're hiring people. So if you know anybody looking to possibly change careers, be a salesperson, possibly be an administrative person, a support person on the back end, please let us know because we are still gearing up for the next year and years to come, but also what's going to really probably transpire I think over the next two months or so, maybe two to three months and the pickup next year. And when things are gonna, start taking off.

Those are your stats for this year. I'll try to put the stats below that way if you want to see them, you don't have to watch the entire video. But, again, crazy market right now, shortage of homes. What it means for you, the consumer, is that there are great opportunities for selling your home. So if you're a seller and you're looking to sell, great opportunities. If you're a buyer, it makes it a little bit tougher for you. The silver lining is that we have all-time low-interest rates still. Hope you guys have an awesome month this month. I look forward to bringing you a ton of content. We're to keep bringing stuff to you each week but look forward to bringing you a market update video next month and see what happens in November. Until then, I'll see you guys soon.