In general, the 2019 real estate market ended on a positive note for Southeast Michigan. Closed sales were even with last year and the average sale price has been up 4%. Inventory levels which had been falling, were actually up in 2019. In the spring they were up by 20%! But as we move into 2020, it is currently expected inventory may start to drop. A drop in year over year inventory levels could limit buyer options and overall sales.
Oakland County closed the year with inventories down 13% from the same time last year, which isn’t entirely unusual for December, but a possible indicator of things to come. The number of sales closed was down 1%, however the value of the homes sold was up 2%.
Foreclosures are also still trending downward. Of all the sales in Oakland County for 2019, only 271 were bank owned, down about 30% from 2018 and down 95% from 2008.
We expect more of the same in 2020, with buyers seeking move in ready homes that don’t need much work, vs fixer uppers and homes that lack updates. These homes will need to compensate in price, for what they lack in updates, to convince buyers to take on the work themselves.
Here is this years “schedule of events” for the Social Media releases, comment below if your city isn’t featured and you’d like to see it ,we’ll get it added in!
Monday February 3rd – West Bloomfield & Farmington Hills
Tuesday February 4th – Commerce Township & Novi
Wednesday February 5th – Bloomfield Hills & Birmingham
Thursday February 6th – Beverly Hills & Bingham Farms
Friday February 7th – Berkley & Oak Park
Monday February 10th – Royal Oak & Huntington Woods
Tuesday February 11th – Franklin & Farmington
Wednesday February 12th – Ferndale & Southfield
Thursday February 13th – Orchard Lake & Sylvan Lake
Friday February 14th – Keego Harbor & Waterford
Monday February 17th – Walled Lake & Wolverine Lake
Tuesday February 18th – Wixom & White Lake