Monthly REALCOMP Market Update

REALCOMP SE Michigan Area including Royal Oak, Ferndale, Berkley, Clawson

Housing Market Royal Oak

September 2020

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

Closed Sales increased 8.7 percent for Residential homes and 18.3 percent for Condo homes. Pending Sales increased 20.6 percent for Residential homes and 21.6 percent for Condo homes. Inventory decreased 45.1 percent for Residential homes and 25.4 percent for Condo homes.

The Median Sales Price increased 13.2 percent to $215,000 for Residential homes and 6.7 percent to $182,000 for Condo homes. Days on Market decreased 5.4 percent for Residential homes but increased 11.4 percent for Condo homes. Months Supply of Inventory decreased 43.2 percent for Residential homes and 23.5 percent for Condo homes.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

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Source:  REALCOMP as of October 1, 2020. All data from Realcomp II Ltd. Report © 2020 ShowingTime.

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Please contact me directly if you have any real estate questions or need assistance with buying, selling or renting a home.  I'm always here to help!  Check back next month for the next market update!   - Chris Lynn