Oakland County The numbers for February 2020 within the Oakland County housing market are as follows: The number of new homes for sale in Oakland County, year to date, is down from 3,159 to 2,970 (-6.0%). Pending sales have increased from 2,165 to 2,461 (+13.7%). Closed sales are down a tad from 1,744 to 1,728 (-0.9%). The number of days that homes in Oakland County are sitting on the market has increased, year to date, from 46 to 52 (+13%). The average sales price for Oakland County homes saw a 6.7% increase, from $292,203 to $311,831. The supply of available homes for sale, commonly referred to within the industry as Monthly Supply of Inventory, fell to under 2 months worth of inventory (1.8 months).
Lakes Area Update
Waterford – The number of new homes for sale in Waterford, year to date, increased from 17 to 38 (+123.5%). The average sales price for Waterford homes saw an increase from $186,454 to $207,337 (+11.2%). Days on market until sale for homes in Waterford for February 2020 was 37. The monthly supply of homes in Waterford for February 2020 was 1.1.
Commerce Twp – The number of new homes for sale in Commerce Township, from February 2019 to February 2020, decreased from 102 to 97 (-4.9%). The average sales price for homes in Commerce Township decreased from $332,488 to $320,817 (-0.5%). Average days on market until sale for homes in Commerce Township in February 2020 was 77. The monthly supply of homes in Commerce Township for February 2020 is 2.4 months.
White Lake – The number of new homes for sale in White Lake decreased from 91 in February 2019 to 65 in February 2020 (-28.6%). The average sales price for homes in White Lake also decreased slightly from $287,620 to $271,453 (-5.6%). Average days on market for White Lake homes was 53. The monthly supply of homes for homes in White Lake was 1.7.
If you would like to see the numbers for any other area please feel free to get in touch with us any time.