Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Tue Jun 18 2019
This week the median list price for Farmington, MI is $324,900 with the market action index hovering around 44. This is less than last month's market action index of 48. Inventory has held steady at or around 225. 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

Slight Seller's Advantage

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

Tue Jun 18 2019
This week the median list price for Farmington, MI is $324,900 with the market action index hovering around 44. This is less than last month's market action index of 48. Inventory has held steady at or around 225. 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

Slight Seller's Advantage

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 $324,900
Per Square Foot $141
Days on Market 71
Price Decreased 33%
Price Increased 4%
Relisted 16%
Inventory 225
Median House Rent $1,830
Most Expensive $2,399,969
Least Expensive $70,000
Market Action Index
Slight Seller's Advantage
44

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
$507,900 3,312 0.5 - 1 acre 4 3 27 6 0 105
$349,950 2,562 0.25 - 0.5 acre 4 2 40 6 3 82
$287,000 2,117 0.25 - 0.5 acre 4 2 52 15 3 51
$199,999 1,310 0.25 - 0.5 acre 3 1 62 10 5 47