January 2020 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County January 2020 Real Estate Market Update. So let's jump right into this thing. We have the first one for you, for your County on the new decade. Exciting times. We did this in the last five years really and we are looking forward to bringing you these in the 2020s, the roaring twenties, as we said in some of our previous videos. We have a couple of things. We always go over for every video we get into. We have three years of data that way we have a trend because you wanna be able to see the pattern. The trend is your friend. Remember that. If we just give you one month of data or one year of data, it wouldn't make any sense if we just gave you this data right here, right? Then in January, we have the month in arrears that way we can see exactly what's going on. We have all the data. It's fresh, hot-off-the-press, good to go, it to you quickly, succinctly in a few short minutes. Hopefully, you can get in, get out and get the information you need. So let's jump right into this.
Days on market
Average days on market, DOM. We have 58 two years ago, 63 last year and then 61 this January. So again, coming back down a little bit which is good to see. I think that's probably a good place to be really in that 60-day sector.
Active homes in the market
This is the time that the data was taken, how many homes are active on that day? So it's not a month-wide number. Keep that in mind. One thousand eighteen 2 years ago, 783 last year and 781 this year. A big decrease in the active homes in the market over the last couple of years, which is pretty, pretty crazy, actually. These are rounded numbers, so I'm guessing it was probably similar to this number actually. Three months of inventory two years ago, three months last year, then 2.65 this year. But again, rounded up to three. About the same, probably down a little bit. Just as you can see there are fewer homes in the market. Homes are not spending as much time on the market, obviously. What this is just so you guys have context - one to three months is a seller's market, meaning there were not a lot of homes on the market like now. The prices are going up. Four to six months is a balanced market. Then seven-plus is a buyer's market, meaning there's a lot of homes in the market and there are not as many buyers, so buyers kind of get their pick. So it's a quick ratio to see where we're at in the market or what kind of market we're in.
New listings
This is the number of new listings that come on the market in the entire month. This is a month-wide number. Four hundred forty 2 years ago, 540 last year, and then 460, back down again this year. Fewer homes came on in January going forward against it. It's very interesting to see going forward because we have fewer homes again on the market. Keep that in mind. We'll see how that plays out going forward.
Price per square foot
Eighty-four dollars 2 years ago, $84 last year and $89 this year. So, it went up a little bit. This is your valuation really. It's a county-wide number, remember that. You take your square footage and multiply it by this number right here, you're going to get the approximate value of your home. Remember, if you want a true valuation on your home, you have to have someone from our team, an appraiser, a professional come over and actually value your property because this is countywide. But it gives you a quick value on your home that way we can say, "Hey, you know, I think the appreciating in my county" or what have you. That's really kind of what we want to see here as it does a trend going up or down.
Sold
This is the number of people actually sitting down closing on a property, putting their signature on paper, actually closing. We had 291 two years ago, 284 last year and then back up again a little bit to 295. We see a little bit more liquidity in the market if you can say that in real estate, last month, which is good to see. So nothing too crazy. A lot of the same we've been seeing over the last couple of years. Again, it looks like we might have dipped back down a little bit and maybe going closer to a more of an extreme seller's market. We're going to keep following this trend, see what's going on and that way you can see, maybe hopefully predict eventually what's going to happen in the market going forward.
I'm always going to keep your eyes on this. We will continue to do this and send this to you guys. If you know anyone that could benefit from this, maybe someone that lives there, you can share it, send it to them, please. We appreciate that. If you are listening to the podcast, please go to @legacygroupmi, on Facebook or YouTube, that is where the videos are housed. That way you can put your questions, comments, concerns there. We will get back to those as soon as we can. I love answering any and all of those. The last thing is to thank you for your time, your energy. It's the most important asset we have. So appreciate you guys spending it with us. We'll see you at the next one.