Green Oak Twp Housing Market Stats October 2019
The current housing landscape presents greater home values, low-interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.
There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up. In fact, the number of homes for sale continues to decline both nationally and locally.
- National housing inventory dropped 6.9% year-over-year, large market inventories decreased by 5.3%
- The October 2019 U.S. average listing price was $312,000, up 4.3% year-over-year
- Nationally, homes sold in 66 days in October 2019, three days quicker than in 2018.
Buyer or Seller’s Market?
Currently, the market remains well entrenched in a Seller’s Market. Realtor.com®’s October data release shows that the U.S. housing market is growing MORE competitive today as…
- the pace of sales reaccelerates
- inventory continues to drop
- the share of price cuts stabilizes for the first time since spring 2018.
Due to the laws of supply and demand, home prices continue to rise but at a slightly slower pace than the last few years. October 2019 home prices rose 4.3% compared to 5.5% in 2018. There are signs that home prices are beginning to stabilize. 22% of list prices saw price reductions nationally with the largest reductions occurring largely along with the east and west coast states.
Here is a look at what a few industry experts have to say:
“Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”
“Market conditions are ripe for increasing home sales with one glaring exception. The supply of homes for sale remains tight, keeping existing home sales below potential.”
“We’re not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen.”
Brighton & Green Oak Twp Stats
During the month of October 2019, the number of active listings was up 1% from a year ago. The median listing price for October 2019 was $375,000 compared to $359,000 a year prior.
The average days on the market for October 2018 were 35, compared to 28 days this past October 2019. representing a 20% decrease. The number of houses sold was 64 a drop of 17% this year compared to the same time last year, 78 units sold.
If you’re thinking of selling, now may be the time. Demand for your house will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment.
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About Annette Hibbler, Keller Williams Realty Livingston
Annette is a licensed Realtor in Michigan since 2015 specializing in cities within a 30-mile radius of Brighton, MI. These include Novi, Farmington Hills, Highland, Livonia, Hampton and everything in between. Prior to obtaining her real estate license, Annette and her husband were full-time investors. Purchasing distressed properties, rehabbing, and selling homes. They both have extensive experience with buy and hold rental properties. Annette’s mission, desire and goals is to assist all parties in accomplishing their real estate goals as well as empower her clients through exceptional service, creating extraordinary results.