April 2022 Real Estate Market Update – Livingston County, Michigan
We have your Livingston county, April, 2022 real estate market update. Let’s jump right into this. I’m Brandon Gentile, Mitten Made Properties.
Days on market
We always have DOM days on market bat on lead off, but first we have two things. We always preface each video with. We have the month and arrears because the data is finalized. It’s here. We have it top press. We’re ready to go. And then we have three years of data because the trend is your friend. One year of data would not make any sense. We’re just talking about one year. So let’s jump right into it. 51 days on market two years ago, 33 last year and 22 this year. So we’re saying again, big drop offs in days on market is inventory is continuing to be constricted.
Active number of homes in the market
Active number of homes. This is the one day data sample. So the day that data was taken, how many homes are on the market on that day, 604, two years ago, 303 last year, and then 295 this year. So just huge, huge constrictions here in Livingston county.
Month of inventory
Months of inventory is MOI. So this is at the rate that homes are selling. How long would it take to sell every last home with no new homes hitting the market? So just you use in context, one to three months is a seller’s market. Four to six is a balanced market. And seven plus is a buyer’s market. Meaning there’s a ton of inventory and the prices have come down. So 3.78 months of inventory, two years ago, 1.18 last year, and then 1.29 this year. So again, we only have about five weeks of inventory available. So it just, it’s very, very steep seller of the market right now. And it’s a quick ratio just to kind of see where we’re at, cuz again, you have to use a trend and you’re buying house you’re investing. So investors want to know the trend, which way of things going. Well, sellers have the advantages right now,
New homes in the market
New homes in the market. This is a number of new homes. People that actually hit the market the entire month. So 151 two years ago, 384 last year and then 366 this year. So again, you know it’s some lockdown related issues here, but again, this number is decreasing right now from last year to this year, which really is frustrating.
Price per square foot
Price per square foot, $157, two years ago, $181 last year and $198 this year. The trend is your friend in this one. Again, we wanna see which way the equity is moving, but if you, again, because this, this is accounted by number, that’s why, but if you take that number and multiply by square footage, 198, you’re gonna get approximately what the value for house is. However, and I know a lot of people are looking at Zillow and all the different sites out there trying to figure out what’s going on, you know, watching their price of their house move. However, this is again, not a super, super accurate number, algorithm based number, all that stuff. You have to have an actual human being, someone on our team, a professional or an appraiser come out to your property and actually give you a value on the home and see what’s going on on the ground. Look around and, give you that valuation.
Sold
Number of sold properties. Those people actually selling in, signing on a house at a closing office, 158, two years ago, 257 last year and 229 this year. So again, it’s a lockdown related things going on here, but again, we’re seeing a decrease because the less homes in the market we’re seeing less closings.
So again, we’ll see how this moves going forward. Not a lot of inventory coming on the market. So I would imagine these numbers are gonna continue moving downward. So appreciate you being here, spending your time with us. It’s most important asset we have is our time. If you have any questions, comments, concerns, info@mittenmadeproperties.com or question comment here. We’ll answer them as soon as we can appreciate you so much. And we look forward to giving this information so that way you can make the best decisions for you and your family. We’ll see you on the next one.