August 2018 Real Estate Market Update – Genesee County, Michigan

What’s going on guys? Brandon Gentile here, Legacy Group Real Estate Team. We have your Genesee County August 2018 Real Estate Market Update. Let’s jump right into this. So again, preface every single video in case someone is not watching all the other videos and they just jump right into this. Maybe was your first time seeing this. We do the month in arrears because now we have all the data. The data is in, the month is closed and everything is there and available for us. Then we show you three years of data because we want to see the patterns. Rich Dad, Robert Kiyosaki’s mentor, one of my biggest mentors always says, “Numbers tell a story.” So you want to see the patterns with numbers. Tell the story of what’s going on in a business, in a market or whatever it may be. So Genesee County, let’s jump into this here.

Days on Market

The number of days a home is spending on the market on average. 53, 42, 29. Big drop obviously. Big drops, inventory shortages, big drops, but the numbers are changing a little bit right now. The numbers are changing.

Active Homes in the Market

455, 570, 859, so this is just a day in the life, one day in time, a period in time. But it still gives you an idea. At the end of every month, we take this data. So what does the data tell us? Well, listen, there’s more homes in the market, months of inventory. One, one, two, it was going up. The month of inventory is at the rate that homes are selling if no new homes came in the market, how long would it take to sell every last existing home? A stable market, a stable, balanced market is about four to six months. Four to six months of inventory is a stable balanced market, one to three months is a seller market and then anything seven-plus is a buyer market. So you can see that we’re still in a steep seller’s market, but it is changing a little bit.

New Homes in the Market

New homes that came on. Again, we saw increases actually in August over the last couple of years, which again, we’ve seen this now in Wayne County, we’ve seen it in Livingston. We’re seeing some uptakes, some increase in property on the market, so could this be a sign to come? Possibly, but we’re going to have to monitor over the coming months to see what’s going to happen.

Price per Square Foot

Again, this has increased. It was the same here, but it has increased a lot over this past year and again because we had very steep. This has to do with a lot of the properties that we’re selling going under contract before and we’re seeing against the jumping prices because we had really low inventories over the last few months even compared to years past, so this is really the first month we have seen in any county. Some of these counties are having uptakes. It was the first time we’ve seen this in a while, so it is something to note.

Sold Homes

636 to 600 to 511. Again, not a huge change, somewhat noteworthy. Buyer pool doesn’t change too much. Again, remember, unless there are huge interest rate changes, massive, you know, a couple of points at a time. There are depression and recession, something like that. So this kind of vary a little bit, regardless, but again, these are all indicating that there might be some movement going on, there might be a little change in the market a little bit. So it’s something to note and be wary of.

Hope you guys got something out of this. I hope you guys, if you have any questions, please let us know. We put a lot of time and effort into doing these. I’m doing all the updates for you, that way you guys can see them, see the pattern and make decisions that benefit you and your family the most. So I let us know if you have any questions at all and how we can help you and we’d love to do that for you. So I appreciate your time and energy. We look forward to seeing you on the other updates.