April 2022 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County, April 2022 real estate market update. Let’s jump right into this thing. Brandon Gentile here, Mitten Made Properties. We always preface with a few things, and that is the trend is your friend. We have three years of data, cause it wouldn’t make sense. If we had just one year of data here and we have the month and arrears, that way you can see exactly what’s going on. The data is finalized and hot pressed jump right into it. We always have days of market lead bat off. Wow.
Days on market
DOM 39 days on market two years ago, 21 last year and 20 this year. So again, we’re seeing this trend of continual, inventory shortages and less and less time on market because people are fighting over less and less housing.
Active number of homes in the market
Active. This is a one day data sample. The day the data was taken. How many homes are on the market at that time? 1213, two years ago, 698 last year, and then 1,157 this year. So again, you know, some pandemic related numbers that get filtered into this, obviously over the last year or two. So you can see this trend though, downward, of less homes on the market available.
Month of inventory
MOI months of inventory at the rate homes are selling. How long would it take to sell every last home with no new homes coming outta the market? 1.79 two years ago, 0.59 last year. And then this year, 1.03. So four weeks of inventory. And just to give you context, one to three months is a seller’s market four to six is a balanced market. And then seven plus is a buyer’s market. Meaning there’s a ton of inventory and then prices have come down.
New homes in the market
New homes, 529. This is month wide or sorry. Yeah, a month wide number of number of active new listings coming outta the market. 529, two years ago, 1,547 last year and then 1,579 this year. So again, not much of a change from last year again, we’d like to see that number way up, you know, double 2,500, 3000, but we’re nowhere near that. So again, gonna be low inventory prices going up still.
Price per square foot
Price per square foot, $118, two years ago, $136 this year and $152 this year. And again, this is more of a trend we want to see here, which way is the equity going. Because this data doesn’t matter as much, but if you multiply your square footage by this number 152, you’re gonna get approximately what your home is worth. But we wanna see the equity. The trend is more important here because this is a countywide number. If you want an actual evaluation. And I know everyone watches Zillow and all this stuff, seeing their home price move, especially the last couple years, but that number’s generally probably off. And this is a countywide number. So you have to have someone on our team or an actual real estate appraiser come and give you evaluation on your home.
Sold
Number of sold. This is number of people actually closing at a, title office or you know, escrow office or a real estate firm actually closing on the property. 676, two years ago, 1,188 last year and then 1,127 this year.
So again, just down a little bit, but somewhat similar to last year. This number doesn’t usually change too much unless there’s catastrophic events like we saw a few years ago. So keep an eye on that. There is less out there, but we’ll see how this continues moving forward.
So I appreciate you appreciate you spending your time and energy with us. If you have questions or comments, concerns, please throw ’em in here. Info@mittenmadeproperties.com is our email. So you can reach us there. Or you can question your comment here and we’ll answer here as soon as we can. We appreciate you spending your time here. We want to give you the best data possible to make decisions for you and your family. We’ll see you on the next one.