Oakland County Commentary (Macomb/Wayne stats available at bottom):
Let’s break down the real estate metrics to understand how they are correlated and what they mean for buyers and sellers in the current market.
First, the Months Supply of Inventory is at 1.49, which means that at the current rate of sales, it would take 1.49 months to sell all the available homes on the market. This indicates a very low inventory level, which typically leads to a seller’s market with higher prices and faster sales.
The 12-Month Change in Months of Inventory is at -11.83%, showing a significant decrease in the supply of homes compared to the previous year. This further confirms the tight market conditions favoring sellers.
The Median Days Homes are On the Market is 19, indicating that homes are selling relatively quickly. This is good news for sellers looking to make a quick sale, but it also means that buyers need to act fast and be prepared to make competitive offers.
The List to Sold Price Percentage is 98.5%, suggesting that homes are selling very close to their listing price. This shows strong demand and competition among buyers, leading to sellers receiving offers close to their asking price.
Lastly, the Median Sold Price is $359,000, giving buyers and sellers a benchmark for the average price of homes in the market. This can help both parties make informed decisions when pricing or making offers on properties.
Overall, these metrics paint a picture of a competitive market with limited inventory, fast sales, and strong prices. Sellers can take advantage of the high demand and low supply to potentially fetch a good price for their homes, while buyers should be prepared to act quickly and make strong offers in order to secure a property in this competitive market.
Contact us today!
(248)425-5873
[email protected]
