Last month’s Oakland County housing market numbers showed inventory was slightly lower compared to September, which is a trend that is expected to increase sale prices.
According to RealComp, 47 more homes sold in the county compared to September while inventory decreased by 389 homes. Over the past year inventory has dropped 28.7 percent, from 5,575 homes in October 2016 to 3,976 last month.
David Hieber, Oakland County’s equalization officer, said as residential listings continue to drop, sale prices will increase in the months ahead.
“Residential sales continue to be strong for Oakland County,” said Hieber. “Many areas are now above their pre “Great Recession” (2007) prices. Additionally, the real estate market is on track to have an increase in building permits by eight percent over last year.”
The biggest change from September to October was the median sales price of a condominium
That number increased from $168,000 to $185,000, which means half of all condominiums sold fell below that price and half above.
Realtor Mark Zawaideh, of the Mark Z Home Selling Team based in Novi, said although he had six fewer listings in October compared to September, he sold more homes. He added that listings usual begin to decrease as we head into the winter months.
“Contrary to popular belief, it’s actually a great time to sell a home,” said Zawaideh. “There’s a lot less competition out there this time of the year. December usually end up being one of the best months because everyone wants to buy a home before the holidays.”
Zawaideh said the county’s housing market is beginning to trend into a buyer’s market although he expects the market to remain steady in 2018.
Over the past year, the county has the highest average median home sales price in Southeast Michigan at $232,000. The average price in October 2017 was $244,000.
The county’s 2018 budget shows a $10.3 million increase in property tax revenue compared to Fiscal Year 2017. 75 percent of that revenue comes from residential properties.
October 2017
• New Listings: 2,123
• Pending Sales: 1,561
• Days on Market Until Sale: 32
• Median Sales Price: $244,000
• Average Sales Price: $286,847
• Inventory of Homes for Sale: 3,976
• Months Supply of Inventory: 2.7
October 2016
• New Listings: 2,256
• Pending Sales: 1,331
• Days on Market Until Sale: 38
• Median Sales Price: $230,000
• Average Sales Price: $281,923
• Inventory of Homes for Sale: 5,575
• Months Supply of Inventory: 3.8
