Updated- 3/17/2025

 

For some context, Inventory refers to the number of homes for sale at any time. For example, Oakland County has 1,175 homes for sale. Down from 1,178 two weeks ago, 1,224 a month ago, and 1,381 six weeks ago. Each data point refers to a 90-day/7-day average. Across the 5-year graph, you can see, consistently, inventory has started to go down around November and December(an indication of people taking their homes off-market for the season). At this point, the number of price decreases slowly decelerates until April when it plateaus. This plateau coincides with an increase in housing inventory. You would also want to analyze your particular market segment’s market action index, median price, and median days on the market.

Under Market Segments, “age” refers to the median age of homes in that particular market segment. The correlation between “New” and “absorbed” is that, in the top tier, for example, there are 24 new homes(supply), with 35 sold or “absorbed”(demand) over 7 days.  On a macro level, you can see that demand is still outpacing supply but not as much as in previous weeks. 2 weeks ago, there were 15 new homes compared to 21 sold. A month ago, it was 15/35, six weeks ago 18/41, and 18/43 two months ago. Over the last three weeks, the absorption rate has gone up 39% and the number of homes for sale has consistently gone down since the beginning of the year. Good for sellers, not good for buyers. This is a trend that may continue into the year. So, we may not see the boost of more homes for sale as we had hoped for and expected. DOM refers to days-on-market. Metro Detroit still has some of the lowest inventory levels relative to the rest of the country. What you hear about the housing market through national media outlets is likely not a true representation of what's happening here. That's why it's always best to consult with your trusted advisor.  If you have any questions about the data provided, contact me, and I will be happy to explain further.