May 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County May 2019 Real Estate Market Update. Let's jump right into this thing. So we have prefaced every video with a couple of things. We have three years of data that way you can see the pattern. You can see the trends. "The trend is your friend." Remember that. So if I gave you one year of data, it wouldn't make any sense to you. That's why you see three years, exactly what's going on. We have the month previous that way you can see the fresh off the press, hot off the press data because we have everything. It is now in the books. The month is closed. Just like the government putting on jobs report the first, second week of the new month. That's what we do here. So let's jump right into this.
Days on Market
Number average number of days on market two years ago was 38 in Macomb county, 33 last year and it ticked up a little bit to 35. So still pretty good. Just over a month on the market. Not bad.
Active homes on the market
This is a one-day snapshot remember. So when this data was taken, how many homes are on the market at that second? This is why three years of data is important because you can see the trend more importantly. Active homes were 1297 to years ago, 1136 last year, and then a little significant jump up to 1512 this year. It's gonna be interesting to see going forward how that affects the supply and demand.
Months of Inventory
Months of inventory and that's at the rate homes are selling, how long would it take to sell every last home with no new homes coming on the market? We have one across the board and really even this month it's like 0.0 or 1.06. So it's 1 across the board. So still a very steep sellers' market. I always give everyone a little bit of a taste of what that means. It's a quick ratio so you know what kind of market you're in. When you hear this number or something you need to look up very quickly and see. So one to three months is a seller's market. That means there's a ton of buyers out there or there's just very little inventory. So the salary is getting higher prices and the demand is high. Four to six months is a balanced market. Everyone's basically winning and buyers are for seven months plus. And that means that there are a lot of homes in the market. In 2009-2012, we had the crash right after that. There's a lot of homes in the market, there's not a ton of buyers. So buyers are generally having the leverage and they're getting good prices for homes.
New homes in the market
This is more of a month-long number. It's the number of homes that came on, new listings in that month. So it's a better indicator of what's going on in general. So now here in 2017 or 2,203, we had 2061 last year and we had 2188 this year. So a good little jump up from last year, but again, still below 2017 a little bit. which is nice to see.
Price per square foot
Now, this is a general rule of thumb. Just so you can see about where your home should be priced at. But if you really want analysis in your home and they see an actual value, don't ones Zillow, don't use this number. Those give you generalizations of what you are looking at. If you need someone, you need a professional. You need someone on our team. You need an appraiser to come to look at your property, to check it out, see what you've done and get an actual report in your hands after they've seen it. Actually, provide you that, after they've done their research and due diligence on it. How you do that by the way, is you take your square footage and you multiply it by this number. So two years ago it was $90 a square foot, $104 last year and $111 this year. The prices are going up. They've been going up, still, that trend continues. So $111 a square foot.
Sold
Sold is kind of our buyer statistic. It's how many closings were there. And this number doesn't generally change too much because the buyer pool doesn't usually change a ton unless there's a catastrophic event like in 2009-2012. So again, we've seen a little bit of a decrease here though, just because the supply has been lower, 1522 two years ago, 1436 last year, and then 1385 this past year.
So that is it, guys. That's the Macomb County May 2019 Real Estate Market Update. We try to get these in quick hitters that we get in and get out and get what you need, take care of your business appropriately. So that's what this is here for guys. We appreciate your time, your effort, your energy. If you're looking on YouTube or Facebook, please put your comments, questions, concerns, or if you're listening on the podcast to go to @legacygroupMI. Go there, check them out, put your questions, comments, concerns there. That way we can raise the level of discourse and provide answers in that chat for everyone to see if you're so comfortable. So I appreciate your time, your energy more than anything, it's the most important is that asset we have, so appreciate it guys. We'll see in the next one.