July 2018 Real Estate Market Update – Wayne County, Michigan
We have your July 2018, Wayne County Market Update. Let’s jump right into this. So your real estate market update for Wayne County, we take the last three years of data because we want to see patterns. We do July, we do. This is August. Obviously, we’re doing July because we want to see all the data as a whole. We have the entire month is over. We have all the data and give you the most pertinent, fresh off the press data and we give you three years of data. That way you can see the pattern of this. If I just showed you this year, you’re not going to get anything, that’s not gonna mean anything to you, right? So we want to see the patterns. We want to see the data and what is happening there.
So I was jumping right into this.
Days on Market
Days on market is the average that a home is sitting on the market and you might see ADOM, you might see CDOM, that is cumulative days on market and average days on market and additional days on market. I’m just really thinking about days on market, whatever the highest number is, take that.
Average Days on the Market
So average here it’s gone down a little bit and then actually picked up a little bit this year. So there are some different things going on at the buyer’s market, the buyers, the interest rates are taking up, squeezing people a little bit, so you might see things. We did have a little weird little dip in the last month or so. So that’s really probably what we’re looking at there. Of the ’18 numbers, you really want to see that pattern of, you know.”hey, what are ’15, ’16 and ’17 numbers are doing. You might have one or two anomalies per ’18 sets of numbers here. So what I mean by that is these ’18 numbers, you really want to see what are, you know ’16 are telling you. Are they all probably going to be in line. Generally, it might have one or two outliers and just kind of discard those and look at the rest of the patterns and what they’re telling you.
Active Homes in the Market
So we’ve had some significant drops here over the last couple of years. So again, going and showing us really quickly why we’ve had these numbers, you know, increase in price here. Just a lower inventory and when the buyer pool stays the same, you really, you’re not gonna have as many homes to choose from. So it’s going to be tough. People are fighting over homes. That’s why buyers are struggling right now.
Month of Inventory
So again, this went from three to two. This stands for Month of Inventory – MOI – and it’s every or at the rate, homes are selling, how long would it take to sell every last home if no new home came in the market? So that’s months of inventory and months of inventory and a balanced market is about four to six months of inventory. Anything above that, you know, 8, 10, 15 months and plus, that is a buyer’s market. There’s a lot of available inventory. It’s not moving very fast, but when you’re down in here, some of the other counties around here are at one month of inventory, incredibly fast. So we’re in a very serious seller’s market is a quick way to get a quick picture or ratio of what’s going on in the market and we see that obviously bearing out in the rest of these numbers.
New Homes in the Market
Again, we’ve been seeing a little of a tick up on some of these counties too. We’ve seen a fair amount of very steady though. July, it seems to be a very, very steady month. So obviously one of the best time to sell your home. We’ve seen across the board here, all the counties in Metro Detroit, they’ve all been very, very stable and about the same amount of listings actually in July for across the board over the last couple of years. Doesn’t even matter what county. They’re all been very similar, very stable.
Price per square foot
Now, this has increased a fair amount because of some of the lack of inventory. Previously in the previous month, we’ve seen prices rising obviously, and this is again a county number, so you want to take the pattern and what this pattern is telling us is in general in your area, it’s risen a fair amount, but depending on what city you’re in, depending on what street you live on or subdivision, those prices are going to change. So you really want a real estate professional, an appraiser to get in there and give you a true analysis on your property. So that is very, very important. But again, like I said, that rule of thumb is showing us that the county overall, in general, has increased.
Sold Homes
So, the last one we have here is sold, which doesn’t change too much. Usually, you can see, again, pretty stable. This buyer pool is, this is a buyer pool number, was showing us the buyers in the market. Again, it looks like the buyers really haven’t changed that much. It actually increased a little bit this year. So you have this number here and this number here, it looked to be a little bit of an outlier, but again, even if this was, you know say 2000, it’s about the same, very stable. So Wayne County has been doing very well in July and very stable and not crazy like some of the other months we’ve seen and some of the other counties we’ve seen.
So, I hope you guys got something out of this. Let me know if you have any questions on this at all and what else you might be looking for in the market update. But if you don’t live in Wayne County and you have someone that might benefit from this and that lives there, please share it with them and tag them in it. I appreciate your time and energy because it truly is the most important thing to have. So I appreciate you guys joining us here. If you want the rest of our data here, you want the other market updates in the other counties, check the timeline here. They’re going to be right in the timeline. Also, our YouTube channel where they are all housed in our market updates playlist. You can go see everything there. You can go see the updates going back a few years. So appreciate you guys and we’ll see you soon.