Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Thu Jan 17 2019
This week the median list price for Farmington, MI is $299,900 with the market action index hovering around 30. This is less than last month's market action index of 34. Inventory has held steady at or around 229. 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 Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Farmington, MI

Thu Jan 17 2019
This week the median list price for Farmington, MI is $299,900 with the market action index hovering around 30. This is less than last month's market action index of 34. Inventory has held steady at or around 229. 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 Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $299,900
Per Square Foot $137
Days on Market 111
Price Decreased 45%
Price Increased 12%
Relisted 20%
Inventory 229
Median House Rent $2,100
Most Expensive $2,500,000
Least Expensive $64,500
Market Action Index
Slight Seller's Advantage
30

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
$518,900 3,456 0.5 - 1 acre 4 3 27 2 0 164
$349,900 2,619 0.25 - 0.5 acre 4 2 40 3 3 99
$269,900 2,028 0.25 - 0.5 acre 3 2 51 4 1 89
$180,750 1,255 0.25 - 0.5 acre 3 1 62 3 3 91