July 2020 Real Estate Market Update – Macomb County, Michigan
We have your July 2020 Real Estate Market Update from Macomb County. I always preface with a couple of things here. We have two years of data that way you can see the trend. The trend is your friend. You wanna be able to see the patterns. That's the most important thing here because if I just give you just one-year data, it's not gonna make any sense. Then we have a month in arrears here again. We're a little behind here. The last month has been crazy. So I appreciate the patience, but we're going to jump in, get in and get out as fast as we can so you have the information you need to be armed with going forward for you and your family. So we have three years of data from Macomb in July.
Days on market
Thirty 2 years ago, 30 last year, and then 36 this year. So we've seen that across the board as well in all five Metro Detroit counties, an increase in days on market. I really can't explain to you the market to be honest because we're seeing less inventory, higher prices. Not exactly sure why houses are sitting in the market. Again, you know, there are different things. I was either going on the worldwide sickness and the things that are going on there obviously play a factor and been kind of skewing a lot of the numbers. So I would venture to guess that's probably why.
Active homes in the market
This is a one-day sample size. How many homes were actually in the market on that day that the data was taken? One thousand two hundred seventy-three 2 years ago, 1,772 last year, and then back down to 1207 this year. So we're seeing that across the board as well, a big dip in homes in the market.
Months of inventory
One two years ago, that was about 1.25 last year. And then it's actually about 0.75 this year. So we're seeing a pretty good drop this you here for the months of inventory, which is at the rate homes are selling, how long would it take to sell every last home with no new homes hitting the market. Just to give you context, one to three months is a seller's market, meaning there's not a lot of inventory and prices are going up as we can see here. Four to six is a balanced market. And then seven-plus is a buyer's market meaning there are tons of homes available like we saw 10 years ago. So that gives you a really quick ratio of what is going on in the market basically.
New homes in the market
This is a month-wide number. This is a number that takes into consideration all the new active listings that hit the market this month. Two thousand two hundred thirteen two years ago, 2,239 last year, and then 1,994 this past month in July. We're seeing that across the board as well in all the Metro Detroit counties. We're seeing a dip in new homes in the market going forward, which is probably going to just increase prices if the buyer demand stays about the same.
Price per square foot
One hundred seventy-two dollars 2 years ago, $111 last year, and $127 this year. A big jumps-up here overall the last couple of years. That is if you take your square footage and multiply it by that, you're going to get about the approximate value of your home. If you really want true value, you have to have someone on my team or an appraiser come over and actually give you the value of our homes. Remember, this is a countywide number.
Sold
This is the number of buyers actually closing on homes, the number of people actually signing on the dotted line, One thousand four hundred thirty-seven two years ago, 1,468 last year, and then 1,618 this year. So again, going with the theme of all five Metro Detroit counties are seeing an uptake in this as well. So a lot of pent up demand things finally kind of filtering through, happening, and coming to fruition. So we're seeing an uptake here and I don't expect that to last, because again, we're seeing lower numbers here of listings coming to market going forward.
So that's it, guys. That's the Macomb County July 2020 market update. We'll have August coming soon. Appreciate your time, your attention, your energy. If you're on the podcast, go to @legacygroupmi, on the Facebook Channel or YouTube channel. Go put your questions, comments, concerns there. Again, we appreciate your time and energy. It's the most important asset we have. We'll see you guys in the next one.