September 2016 Real Estate Market Update – Oakland County, Michigan
It is your September Market Update. I hope you guys are having an awesome fall so far and I wanted to go over some numbers for you. Each month our team brings a real estate market update. Everybody goes over what's going on in Oakland County in Michigan. And it really gives a good picture with what’s going on in Metro Detroit, as Oakland County's one of the biggest counties.
Days on Market
We have in last year in 2015, we had average days on market of 24. This year we have 20. So again, cutting that down. We've seen that trend here over the last handful of months of those days on market getting cut down drastically. So, up from previous months obviously, but, just slightly, but it's still down from last year. So that's another huge, huge a factor there.
Active homes on the market
There were about 9,000 homes active in Oakland County last year. This year in September, there were just under 6,000 homes. It shows you the inventory shortage we're going through. If you're looking to sell a home it’s an awesome time to sell because there are always buyers out there. But that variation of sellers is always changing. And right now we just have such a shortage of sellers. It's such a great time for sellers to get some good money for their home.
Months of Inventory
We also have the month of inventory down from four months of inventory last year to three months of inventory. Obviously goes along with all these numbers. You can kind of see that trend here. So there's not a lot of homes out there. A big shortage.
Price per square foot
The other thing we have is square footage. So average price per square foot, it was at $119 a square foot last September and this past September that we just had, it was $128 a square foot. So it went up $9 a square foot. So again, all things trending upward and it just really shows us what the market is for sellers and it's also showing us why it's been such a struggle for buyers this year. Again, we've gone over this before, but the silver lining for buyers is that they're just all-time low-interest rates. Who knows when we’ll see interest rates like this again. So that's a good thing and that's why the market's been so crazy. It's been that kind of that perfect storm of events.
That's what's going on with us in Oakland County this past month. And I hope that gives you guys insight as to what's going on in the market and it gives you a value that you can use for your family, for your loved ones and people that you may know that are looking to buy and sell. Again, please reach out if you know someone that we can help and we can serve as we'd love to and take awesome care of them. We look forward to again, being the source for everything in real estate, whether that's referrals, vendors, financial resources, whatever it may be. We've got our Insider’s Update coming here in a couple of weeks, in two weeks. And that I just got done watching a video actually about a guy I follow, Mike Maloney. He's just unbelievable. He is the guy I follow up with gold and silver and I really truly believe in being diversified in all kinds of different asset classes, not just in stocks or in paper assets, if you will.
That’s something that we've all been taught, you need to be diversified. But no one really explained what that actually means and I think he does a great job of explaining that and that's something I want to get into in the insider video. A couple of weeks more but just the baby boomer issues we're going to have to be quite honest and upfront. We're gonna have some issues going forward and I don't know whether there are going to be problems in the next couple of months, the next year or next couple of years. But we'll get into that here in the Insiders video. Look out for that. That'll be in about two weeks. I hope you guys are having an awesome fall so far. The kids are back in school. Hope you're enjoying some football and we look forward to bringing you a ton of great value and look forward to talking to you and seeing you soon.