Oakland County Commentary (November 2024):
First, let’s take a look at the Months Supply of Inventory, which is currently at 1.73. This metric indicates how long it would take for all the current homes on the market to be sold based on the current sales pace. A lower number like 1.73 suggests a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is -10.82%, indicating a decrease in the supply of homes over the past year. This could be due to increased demand or a decrease in new listings, which can put upward pressure on prices.
With a Median Days Homes are On the Market at 18, we see that homes are selling relatively quickly in this market. This could be attributed to high demand, competitive pricing, or desirable locations.
The List to Sold Price Percentage of 99.2% shows that homes are selling very close to their listing price, indicating a strong market where sellers have pricing power.
Lastly, the Median Sold Price of $347,000 gives us an idea of the average price at which homes are selling in this market. This can be useful for both buyers and sellers to understand the current pricing trends.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and strong pricing. Buyers may need to act fast and be prepared to make competitive offers, while sellers may have an advantage in negotiating prices. It’s important for both parties to stay informed and work with a knowledgeable real estate agent to navigate this dynamic market effectively.