The following table of data reflect real estate sales data for Royal Oak, Single Family Homes.
The data is compiled monthly from the local MLS database and is considered accurate but by no means guaranteed. The underlying principle of the following real estate statistics and sales trends is to provide our clients with unparalleled information and a thorough account of the Royal Oak, Michigan real estate economy. There are two prerequisites for reliable statistical data, a complete definition of the data (in other words, the scope of the criteria used to compile the data) and to analyze the information over time. Each month we will continue to populate these tables with current real estate sales data; however, the information presented here includes only a fraction of what we can compile. We can create a custom report for your property with the numbers broken down into distinct value ranges to analyze the market within a market. If you would like to receive a more detailed report, don’t hesitate to get in touch with us.
• Residential – This includes single family homes and excludes townhomes, condominiums and multi-plexes.
• Active – This is a snapshot of the total quantity of available listings on the first day of the month.
• New – This is the number of new listings that come on the market within the course of the month.
• Pending – This is the number of listings that go pending within the month.
• Sold – The total number of closed sales within the month.
• Avg SP/LP – The average ratio between the sales price and the listing price of the listing when it went pending.
• Avg DOM – The average Days On Market from when the listing was first active to a closed sale.
• Months of Inv. – Assuming no new inventory is listed and no listings expire, based on the current sales pace, this is how long it will take to sell through our inventory. Typically 6 months of inventory is considered a balanced market, anything less is a “seller’s market”, and anything greater is a “buyer’s market”.
I’m happy to help answer any questions!