December 2021 Real Estate Market – Macomb County, Michigan

Hey guys, Brandon here, Mitten Made properties. We have your December, 2021 real estate market update for Macomb County. Let’s jump right into this. And again, we always preface with two things. We have three years of data. That way we can see the trend. The trend is your friend and we have market or the data’s done in arrears at the end of the month because all the data is obviously compiled done. So that’s why we look in reverse. And, we just appreciate the patience. We’ve had a lot of life events over the last, you know, half a year, really five, six months. And so we appreciate your patience. We have not been able to put out our market updates consistently or put out the content we usually are doing. So we appreciate your patience. And, I know many of you over the years have spoken to us and talked to us obviously about the content and the, you know, and the data we’re putting out. And we just appreciate your patience on that end. So let’s jump right into this.

Days on market

We have days on market and that was 48, two years ago, 29 last year, and then 27 this year. And again, you can see this across the county, is this, steady decline in days on market and things just moving, you know, very quickly. And that’s an average, you know, that’s, you know, not even a month, three weeks, three and a half weeks of market time on average in the entire county, active number of listings. So that’s the one day the data was taken. It’s not the entire month it’s to one day the data was taken.

Active number of homes in the market

How many active listings were there current at that time? 1526, two years, 814 last year. And then 834 in this past December. So you can see again, it hasn’t changed much from 2020.

Month of inventory

So it’s, we’re really hemorrhaging inventory here again, months of inventory. Again, this is a really quick, quick ratio to see where we’re at and what kind of market we’re in, 1.38 months of inventory two years ago, 0.57, last year, end of 2020, and then 0.63. So again, you’re looking at two and a half weeks of inventory, so that’s the rate homes we’re selling. How long would it take to sell every last home with no new homes hit the market? That’s incredible. And just for context there, one to three months is a seller’s market mean there’s not a lot of inventory. So obviously we’re in steep seller markets four to six months is a balanced market. And seven plus is a buyer’s market like we saw 10 years ago. So just incredible data that’s coming out and showing us what kind of a market we’re in.

New homes in the market

New listings, this the amount of listings that came on during that entire month, actually. So new listings that populated onto the market. So 1,029, two years ago, 976 last, you know, end the last 2020, and then end of 2021 here in December in 962. So again, not a big change from 2020, which is unfortunate. We thought things would change a bit, but they have not cause people are having finding a hard time to go find a new place to go.

Price per square foot

So it, it’s kind of cramped style of all the sellers, if you will price for square foot two more here which you $261, a square foot, two years ago, $127 last year and $142 a square foot this year. So again, we are seeing that rise again, you know, sometimes you have one data point, that’s a little bit of an aberration. So $261. I honestly don’t know why it’s like that. That should probably be 120 or 115 or something like that’s what every other county’s showing us. So sometimes when you get areas like this, like a Livingston county, or maybe Macomb, where it’s not quite as many homes as say Wayne county or Macomb or Oakland, you can get some skew data here and there. So you have to kind of just take over the grain.

So, sold listings. And again, really quick on that if you take your square footage and multiply that by these numbers by 142, you get the approximate value of your home. The trend is more important to see, but again, if you need an actual evaluation, have to have someone on our team, or you have to have an appraiser, someone come out professional and actually give you evaluation of your market, your neighborhood, your home, and see what’s going on specifically.

Sold

And then the last one here sold listings. People actually sitting at a closing table signing on their, on their home. , 1108, two years ago, 1,417. Cause they were, we were selling everything, right. Everything was, you know, going these last two years and then 1,328 this year. So you can see just that not so much of a discrepancy, but you can see just that change that up here the last year or two. Just because of everyone were selling everything on the market. You can see here active listings for only 834 listings are active when the day the data was taken, but yet 1300 homes are selling. I mean, every single home, you know, rollover from the past month is being sold. And then, that next month things are everything’s closing up. And December the end of the year is really a big time because of tax season too.

You see a lot of sold listings. You see homes that are being sold from August, September, October, November. You see these things are king being dragged out long closing things are happening. And for some reason, a lot of stuff just close. It happens to close here at the end of the year. So that’s uncommon.

But, anyway, we appreciate you guys patience. That’s the Macomb county, December, 2021 market update. We look forward to bring you guys more content now, going forward, getting back on the content bandwagon to get providing you guys value. And, we appreciate your ton. We look forward to seeing in the next one.