April 2022 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County, April 2022 real estate market update. I’m Brandon Gentile, Mitten Made Properties. Let’s jump right into this.
Always preface with a couple things here. We have three years of data cause the data, the trend is your friend. One year of data wouldn’t make any sense to look at it. And then we have the month in arrears because the data is finally hot off press and ready to go is finalized for the month of April. That’s why we look backward to see when you look at all those in order all the previous months, and you really start to get to see some patterns here, month over month and year over year. So let’s jump right into this.
Days on market
We always have days on market DOM bat lead off 50 days on market two years ago, 25 last year, and then 29 this year. So again, we’re seeing a little, you know, a little bit tick up in, in time of market in Genesee County.
Active number of homes in the market
Active. This is a one day data sample. So the day the data was taken, how many homes came on the market on that given day or you know, how many were on the market on that given day when the data was taken 662, two years ago, 384 last year, then 646 this year. So again, we’re gonna have some, you know, jumps a little bit here in the data. One or two of the 18 numbers are gonna be jumbled around a little bit, just because of the pandemic and a lot of different stuff going on there. So just bear with the data, but you can see the overall trend of what’s going on, which is the most important.
Month of inventory
Months of inventory is MOI. So that’s at the rate the data was taken or at the rate that home are selling, how long would it take to sell every last home? If no new homes came out of the market, 2.84, two years ago, 0.85 last year, 1.61 this year. So again, we still really only have, you know, six weeks or so of inventory. And again, that’s that the rate homes are selling. How long would it take? How long would you have to all are gone? And just to give you context, one to three months is a seller’s market. Four to six is a balanced market. Then seven plus is a buyer’s market mean have a ton of homes. And then the prices have come down.
New homes in the market
New homes. This is the number of new homes that actually came outta the market. During the course of that month, 173, two years ago, 655 last year, and then 593 this year. So we’re seeing a little bit of a down tick though, going forward with the number of new listings that actually came in the market, which is, is a little unfortunate.
Price per square foot
And then, price per square foot has $95, two years ago, $123 last year, $129 this year. And again, if you take 129 multiply buyer square footage, you’re gonna get approximately what the value of your house is. But remember, I know people are looking at their valuations on Zillow and these third party sites and, you know, getting, wow, my house has gone up and all this, but those are third party sites. So they’re using algorithms, you know, big zip code based things, kind of like this, when this is a countywide number. If you wanna get the evaluation of your house specifically, you need a professional, someone on our team or an appraiser, someone to come actually look at the house and give you evaluation, get the boots on the ground.
Number of sold properties. This is the people actually closing at a closing table 233, two years ago, 450 last year and then 401 this year. So again, because of the constriction of supply, we still have this going down. Unfortunately, the number of closing.
So appreciate you guys. Thank you so much, let us know if you have any questions, email@example.com is our email, we appreciate your time, your attention, your energy. It’s the most important asset we have and we’ll see you on the next one.