REAL ESTATE IS BACK, PART 2
Oakland County Michigan pending numbers are in for the week of 17,
May, 2020. 507 homes went pending last week vs. 498 the same week a year ago.
The chart shows strong bounce back from the moment real estate was deem essential in Michigan and agent went back to work on 07, May, 2020. Talking to agents and watching web traffic there was pent up demand, but it shows no signs of slowing. The average sales price was down 4.5% from same period last year, so we will keep an eye on that, but indications are not softening in price as much as fewer sales over $750,000.00 last week vs. a year ago.
We are continuing to watch inventory, average sales price and total market velocity. Contact me If you have any specific questions or would like to learn how to increase velocity on your listings.