Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Sun May 26 2019
This week the median list price for Farmington, MI is $329,900 with the market action index hovering around 48. This is less than last month's market action index of 53. Inventory has held steady at or around 165. Click here to stay informed with the Farmington market!

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.

Today
Last Month

Strong Seller's Market

The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Farmington, MI

Sun May 26 2019
This week the median list price for Farmington, MI is $329,900 with the market action index hovering around 48. This is less than last month's market action index of 53. Inventory has held steady at or around 165. Click here to stay informed with the Farmington market!

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.

Today
Last Month

Strong Seller's Market

The market has started cooling and prices have recently plateaued. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $329,900
Per Square Foot $144
Days on Market 73
Price Decreased 30%
Price Increased 2%
Relisted 15%
Inventory 165
Median House Rent $1,853
Most Expensive $2,399,969
Least Expensive $64,900
Market Action Index
Strong Seller's Market
48

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$529,900 3,371 0.5 - 1 acre 4 3 21 3 0 109
$365,000 2,684 0.25 - 0.5 acre 4 2 40 7 4 76
$284,900 2,092 0.25 - 0.5 acre 4 2 52 13 7 60
$187,450 1,254 8,000 - 10,000 sqft 3 1 64 13 7 49