Now that spring is officially on its way, it’s time to look and see how the February market performed as we start to gear up for the warmer months and the spring rush.
In the first few weeks of 2021, we saw speedy sales (here’s our January update). With the inventory as low as it is, homes have been selling faster in order to keep up with the housing demand. It is currently a market that favors sellers, so if you were looking for a sign to sell, it’s here. Plus, spring is around the corner!
For Oakland County, on average, the price point sits around $244,000. While the market is moving swiftly at almost all price bands, the 200-299k price band reflects just how fat the market is moving. Between coming on the market and accepting an offer, most homes are seeing multiple offers come through as well as over-asking prices.
Looking at February 2020, the market is substantially faster. We are a year into COVID-19, so a routine has been established (wear your masks!). whether showings are virtual or safely in-person, this market has not been hindered much.
This market is defined by the low inventory. This has led to fast sales, multiple offer scenarios, and super stressed buyers. This trend is our new reality until the inventory starts to build back up. If you are looking to sell, buy, or even get some advice, reach out and we can help.
Since the February market favors sellers, we have been seeing sale prices matching or exceeding the list prices. February 2021 saw an increase of 1.9% over the previous year. Writing lots of offers can be tiring so hang in there buyers!
The February market has been speedy! Homes are being listed and sold in fewer and fewer days. We did see a slight decrease in sales from 2020 to 2021 (roughly 4.7%) which is largely part of the lower inventory numbers.
The February market saw fewer days on market and lots of multiple offers. As the weather gets warmer and spring arrives, it looks like Oakland County’s market will stay on-trend. Check back to see how March plays out in our next update!
If you would like to see a market analysis on your home for the current market, we’re always happy to put one together and pop out to you! Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.