Oakland County, Michigan Market Update.
Seasonal + economic factors impacted Oakland County sales in September 2022. Total unit sales were down to 1659 vs. 2047 in September of 2021 and 1956 in August of 2022.
Average sales price is remains fairly consistent at $372,749.00
The $1m plus market has dipped in units, but remains somewhat robust with 31 units in September at an average sales price of $1,819,891.00. Cash was used for 12 of these transactions.
Average days on market for overall market was 26 vs. 22 a year ago.
The market is definitely regressing in today's conditions and uncertainty, but strong properties marketed appropriately are still outperforming the market. Agents are very divergent in responding to changing market conditions and sending mixed signals to buyers.
Wells Fargo released comments yesterday indicating they believe FED to relax interest rates in Fall of 2023, this will unlock a great deal of pent up demand.
As always the best way to buy or sell real estate is with the best possible full service broker.