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Is the Timing Right to Buy or Sell? Farmington Hills Market Update

Real Estate Agent with Re/Max Classic 314578

I work hard to keep my clients informed about the market while they’re buying or selling their home. These weekly reports use real-time data so my clients can make decisions based on what’s happening in the market right now and how the market is changing week by week.

A few questions these reports can help you answer:

Is now a good time to buy or sell? Check the “Market Action Index” to see if the market is heating up or cooling down.
How’s the market in my price range? Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.
What can I get in my price range, and where should I look? Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.

Feel free to share this report with your friends and family, and please let me know if you have any questions about the market or if I can help you in any way.

Report for the week of 2018-10-23

  • Current Real Estate Market Conditions for Single-Family Homes
  • Trends in Pricing
  • Current Levels of Supply and Demand
  • Value Metrics

This week the median list price for Farmington, MI is $302,500 with the market action index hovering around 39. This is about the same as last month's market action index of 39. Inventory has held steady at or around 220. Market Action Index The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer. 1000 39 Slight Seller's Advantage The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices. 


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