Summer is here, the sun is shining, and along with it comes the May market update.
Over the few months, we’ve seen speedy sales, tons of showings, and lots of creative offers. It seems that these trends aren’t quite budging yet (see our April update for comparison). Lower inventory, dozens of showings, and more multiple offer scenarios make for an interesting climate.
For Oakland County, the average sale price sits around $200-299k price range. While houses are selling much faster than a normal market, the $200-299k price band is a great indicator for speed. Some homes are selling within days once active and many get dozens of showings lined up in the first few.
This leads to a lot of frustration especially since offers need to be strong and creative, oftentimes coupled with higher financing to stand out. We know that it’s been a stressful time for buyers, sellers, and agents so hang in there and we’ll ride this wave out.
Comparing to last May, the average number of days on market is much lower. Homes are selling faster than in the previous year mostly due to buyer demand and small inventory.
As we all know, inventory is significantly lower than in recent years, so the number of active listings has decreased quite a bit from the previous year. We’ve been seeing this pretty consistently since the very end of 2020.
In regards to the market value of a home, sale prices are at the very least matching and mostly exceeding the listing prices (sometimes by a hefty chunk…) for a lot of the transactions. Currently, May 2021 saw an increase of 3% over the previous year.
On a lighter note, the number of sales did increase by a lot over May 2020, they actually doubled (plus a little extra…). Despite the inventory issues and all-around frustration, May had a great month sales-wise.
The May market saw fast sell times, multiple offers, piled-on showings, and stress on both sides of the deal. The current market is continuing to stay on trend with what we’ve been seeing so far in 2021, so check back to see how June performs.
If you would like a current market analysis for your home, we will gladly pull one together and discuss it at your convenience & on your terms (mask up!). Simply reach out here: Contact Us.
If you are looking to sell, buy, or even if you need advice, reach out because we are always here.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.