It is new surprise to those that have been talking about the seller’s market in Oakland County and Berkley. But, it is remarkable about how low the inventory for homes on the market is getting.
In Oakland County overall, there was 3,707 homes sold. That is about 200 more than last year at this time. But, the real difference is how many homes are on the market compared to last year. Right now in Oakland County there are 3,274 homes for sale compared to 6,015 last year.
In Berkley, the numbers are just as stark. 82 homes were sold in the first three months of the year, typically, one of the slower times of the year. Right now, there are only 37 homes on the market. If no more homes were placed on the market, there would be nothing for sale in about three weeks. Those on the market right now in Berkley can be very aggressive about their pricing and negotiating.
Consider this, when pricing a home for the market, the sale price of similar homes in the last six months are examined. Then, a price range is developed for the home. With the market the way it is right now, a home can be priced at the upper end of the range comfortably.
If you have a home and were waiting to sell until the market came back, this just might be the right time.
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
