April 2022 Real Estate Market Update – Wayne County, Michigan
Hey, what’s up guys. We have your Wayne County, April, 2022. If I could talk real estate market update, Brandon Gentile here, Mitten Made Properties. Let’s jump right into this. We always preface with a couple things here. We have three years of data. The trend is your friend. When it makes sense. We only had one year of data and we have the month in arrears. So we have April, obviously it’s fresh hot pressed the data’s finalized. So let’s jump right into it.
Days on market
We always have DOM days on market bat and lead off here. We had 45 days on market two years ago, 32 last year, and then 28 this year. So again, a decrease this year, and this is just gonna continue. It’s been continuing for years. It’s gonna continue. Trend is your friend remember.
Active number of homes in the market
Active. This is a month wide number or sorry, one day data sample. The day the data was taken. So 4,343, two years ago, 2,442 last year, and then 3,079 this year. So an uptick a little bit. Wayne county is the only county in Southeast Michigan that actually had some upticks here in some of the data. So quite interesting compared to the other four markets that we do, other four counties.
Month of inventory
Months of inventory is 4.23, two years ago, 1.34 last year, and then 1.77 this year. So about five weeks of inventory this year. And what that means is that the rate homes are selling. How long would it take to sell every last home if no new homes came on the market, just to give you context as well. For months of inventory, 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 lot of inventory and prices have come down.
New homes in the market
New homes. This is a month wide number 934, two years ago, 2,595 last year, and then 2,757 this year. So again, a little bit of uptick going forward. So we’ll see how that plays out. Moving forward here.
Price per square foot
Price per square foot is a hundred, $102 Years ago, $121 last year, and then $128 this year. And again, if you multiply that by your square footage, 128, you’ll get approximately the value of your house. But remember if you’re looking at a Zillow, I know a lot of people are looking at that stuff, all these third party sites or this is just accounted by number. If you’re doing off the board here, I suggest you have someone on our team, an appraiser, someone, an actual professional come value your home because this is, you know, general information, just like it is on Zillow, et cetera. So, have someone come out and look at that for you.
Sold
And then sold. This is the number of people actually that have sold their home, actually closed on it 1,026, two years ago, 1,826 last year, and then 1,736 this year. So again, down a little bit, the summer doesn’t change usually too much unless we have some really catastrophic things going on. Like we did two years ago, but that’s it guys. That’s that’s your Wayne county data for April, 2022.
If you have questions, comments concerns, please reach out to us. Info@mittenmadeproperties.com is our email question comment below here. We’ll get back to you. We appreciate your time, your attention, your energy. So most important asset we have. Thanks guys. See you on the next one.