July 2016 Real Estate Market Update – Oakland County, Michigan
Just wanting to bring in your market update video for July, a little rundown of what's going on in the real estate market. Hopefully, it can help you and provide some value in your life in some way or another, in some shape or form. So July 2015 was an awesome and great time last year for the real estate market.
Days on the Market
Another great year this year for the real estate market, July last year to compared to July this year, 19 days in the market. The average time in Oakland County for homes are sitting in the market. 19 last July, 15 this July. So a cutdown by four days. I mean that's quite a bit, especially when you're down that low already that few days in the market to cut it down by four from 19 to 15 days in the market. It's truly remarkable.
Months of Inventory
We had two months of inventory last month. It's right above that again, right now,
New homes in the market
The number of newly listed homes in 2015 in July was 4,759. This year it was only 3,886. So that is a massive drop off. And what do that 700 homes are so different? That is huge. I mean that just goes to show the inventory shortage going on right now and that's why I did a lot of frustrated buyers out there. This time right now to sell your home is just so truly amazing because buyers are literally fighting for every last home out there. The people and our buyer agents are sending home searches there's not a lot. A lot of times they're fighting over very few homes.
Sold
The number of sold homes last July was 2,781 homes compared to this year, 2285. So you're looking at just under 500. Just under 500 fewer homes sold. Again, there's fewer homes in the market, just the inventory shortage. So it is a great time to sell your home. If I had a penny for every time I've heard someone say that. You wouldn't be doing this anymore.
Price per square foot
Really the last thing we have on here, especially square foot last year was $122 a square foot. The average local county, now it's $133, so in one year from July ‘15 to July ‘16, it went up $11 a square foot from $122 a square foot to $133 square a square foot. That is truly remarkable. I hope we can keep it up. We do have all-time low-interest rates which really helped, but it is a very, very, very tight market right now. And like I said, buyers are literally fighting over homes right now and that's the long and the short of it. So I look forward to you bringing you guys more knowledge and a lot of different cool stuff that's coming out here over the next few months.
We are building a new site that I think is gonna overtime provide a lot of value for people who are super, super, super excited about that and what we have going on there and the people we have working on it. So we're very excited about that and what we're providing or have a lot of resources for people, you know, answering questions and getting your home values, you know, typical things like that. But there's a lot of resources, a lot of the people, vendor or the people that we work with and that we really trust and do a lot of work with. It’s just going to be a database really of knowledge and information. And we're just so excited to bring that because I think that in this world, this day and age the people to really succeed are the ones that provide them with value.
Whether that's business, whether that's charity, whether that's your family and whatever it may be. The people that can ride the most value, providing the most care. You know, they really are the ones that thrive, you know, and I see it time and time again and that's the way, you know, I'm trying to build a Legacy Group and the people we have here and I loved the people that we have here. We're very blessed to have them and we look forward to growing with even more people like that. So that really leads me to my last thing. We are growing, we're in the process of growing and if you know anybody that's looking to change careers, maybe they're not a fit where they are, maybe they're not a fit with people that are interviewing with right now or whatever it may be, please shoot them my way and I'd love to talk to them.
Looking for passionate people. People who are passionate and looking to change lives, change an industry. There's a lot of change coming in the real estate industry, not just the market but a lot of change coming in the industry. Big, big change. So, over the next five, 10 years, and we are definitely going to be a big part of that and we're looking for people who are passionate about that and dealing with people's biggest investments. So if you know anyone that's like that at all, please send them our way and I love to talk to them and see if they might be a fit for the legacy group. So I hope you guys have an awesome rest of the month here and I look forward to bringing you your market update next month. Enjoy the rest of the summer here and we'll be talking to you soon.