Realcomp II, Michigan’s largest Multiple Listing Service, reports there were 17,830 homes that sold in Oakland County in June of 2020, down 8.9% from 19,570 in June 2019. These are likely homes which went under contract sometime in April or May.
Sales prices within Oakland County continue to make a steady incline as the median sales price numbers for June 2020 indicate a 3.1% bump to $255,000 from last year’s $247,425.
June 2020 showed us in Oakland County 5,026 homes for sale, up 3.6% from 4,853 last June, but going against the national trend of a 19% decrease.
Although homes are currently selling a little slower than last year, this is likely due to early COVID-19 scares and local stay-at-home orders and not a true indication of a market shift. A factor to consider is that in June 2020 Oakland County only had a 3.1-month supply of inventory of homes for sale; although up nearly 7% from last June, this metric indicates we are still in a strong seller’s market.
Albert Mansour is a REALTOR® with Keller Williams Showcase Realty, and can be reached by calling (248) 444-5700, by email at firstname.lastname@example.org or by visiting http://www.MansourHomes.com