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Luxury Market Update: From Great To Good

2018 Luxury Market Update for Oakland County, Michigan

END OF YEAR LUXURY MARKET UPDATE

As 2018 comes to an end and we head into 2019, it’s important to understand where we are in the real estate market in Michigan. Which is why we’ve compiled our end-of-the-year luxury market update. We’ll coin the current market situation, compared to previous months, as “great to good”.

What You Should Know

The luxury market is generally considered the “bar” during times of change. More specifically, Oakland County, Michigan sets the tone for the rest of counties in Metro Detroit. Similarly, Ann Arbor sets the bar for the Ann Arbor Metropolitan Area. The past few months’ statistics show a move back into a balanced market.

More importantly, investment in real estate needs to be viewed over the long term – not just compared to last month – only then will the story become evident. Ultimately, long-term statistics show that the market is now moving at a more leveled rate rather than at the rapid, overcharged pace we’ve gotten used to following the market crash in 2008.

In looking at the overall North American market data, single-family luxury home prices have fallen as much as 5% from one month to the next. However, over the last 18 months, the median sold price has remained right around $1.4 million, illustrating a steady stabilization of the market.

What You Can Do

When describing the current overall market shift, it’s fair to say we’ve gone from great to good. There are many variables that impact our market in Oakland County. Particularly, inventory, pricing, equity markets, job growth, inflation, and personal wealth.

Moreover, 2019 can be a year of opportunity for both sellers and buyers, provided that both are aware of and understand these variables and remain agile, innovative, and adaptable to the current local market influences.


Interested in our monthly luxury market update? Check back on our blog the third week of every month.

Check out The Detroit News article “Home Prices In Michigan Rise As Construction Slows” to learn more about how the lack of construction impacts prices.


For more information about luxury real estate in Bloomfield Hills, Birmingham, Franklin and all other areas in and around Oakland County, contact me directly.

Yana Krefman
Certified Luxury Home Marketing Specialist™ (CLHMS) | REALTOR®
KREFMAN REAL ESTATE GROUP – FORWARD, REALTORS®

Direct: 248-410-9550
Yana@KrefmanGroup.com
www.krefmanrealestategroup.com

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Krefman Real Estate Group

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