August 2020 Real Estate Market Update – Livingston County, Michigan

We have your Livingston County August 2020 Real Estate Market Update. Let's jump right into this, make this short and sweet. We have three years of data, say this every single time, that way you can see the pattern. The trend is your friend. It wouldn't make any sense if we gave you one year of data. We have the month previously because we want to get the best data. The month is closed up and now we have all that. We're gonna give it to you. So let's jump right into this.

Days on market

Thirty-three days on the market two years ago, 37 last year, then up to 44 this year. Livingston County doesn't have a ton of supply in general. It's more of a rural county. So the statistics are a little bit misleading sometimes if you haven't noticed that over the last five years of us doing this.

The active number of homes

Nine hundred forty-four two years ago, 894 last year, and then 589 this year. We're seeing the same numbers really throughout Southeast Michigan. This is a one-day data sample. So at the time that the data was taken, how many homes were actually on the market at that time?

Months of inventory

Three 2 years ago, three last year, and then two this year. They're actually under that a little bit, under two. So a big drop in inventory obviously. This is at the rate homes are selling. How long would it take to sell every last home with no new homes hitting the market? So let's give you a really quick ratio to see where we're at in the market. One to three months is a seller's market four to six months is a balanced market. Then seven-plus, that's a buyer's market where there's a ton of inventory and prices are coming down, right? So that gives you a really quick look into what kind of market we're in.

New homes

That's the number of new that actually got listed and that went active that month. So this gives you a full month of data - 583 two years ago, 486 last year, and then 423 this year. So again, we're seeing fewer homes coming into the market. We already in a really constricted supply over the last few years and now she's getting worse. So a lot of the same coming down the pike. I don't know when it lets up. I don't think anyone does. Believe me. I've been researching my face off for years now, but especially in the last six months and no one knows where the inventory is gonna come from. So we're going to see what happens here. it's going to be very interesting. So just stay plugged in, stay tuned in, obviously. Because you need to know about your biggest investment for most of your lives. This is it. What's going on? The equity you have in your home - you need to know what's going on.

Price per square foot

$154 a square foot two years ago, $147 last year, then $166 this year. So again, because the supply is down, this just keeps jumping up and going up. Sold This is the buyer statistic. People actually sitting at the closing table and buying a home or closing on a home - 310 two years ago, 324 last year, then 342 this year. Actually, there might be another county if you actually. This isn't the first time I've seen this in a while that there's actually more sold than there's been in the last couple of years. This is pretty remarkable. So that's really good news because again, more people are closing homes. It was kind of that glut of homes that have been hitting the market in the last handful of months and finally closing. So that's huge. I don't know if that's going to continue necessarily because we were getting lower numbers now going forward. So we'll see. But again, remember sometimes private sales, they might not be listed. They might give you private sales, things off the market. And then those might show up in the MLS just as a pending and then a sold.

So you just never know, but that is a good sign. At least we'll take something good out of this. Stay plugged in. Like I said, keep abreast of what's going on because there's going to be some incredible stuff, I think, going forward in 2021, 2022 with the market, with the forbearances. You've seen the articles about forbearance and people being behind on payments. The unemployment rate is going to be a shockwave felt for a long time. So stay plugged in. You're going to need to know what's going on so you can make the best moves for you and your family. So I appreciate you guys tuning in to this one Livingston County update for August 2020. Appreciate your time, your attention, your energy. It's the most important thing we have. So appreciate that more than anything. We will see you at the next one.