August 2019 Real Estate Market Update – Genesee County, Michigan
We have your August 2019 Genesee County Real Estate Market Update. So let's jump right into this bad boy. Get this going so we can get you guys on your way. I always preface this with two things - we always have three years of data because now we see the pattern. Remember, "the trend is your friend" and we have the month in arrears because now we own the data. It's fresh off the press, it's all in. Now we can go. So let's jump right in.
Days on market
Anytime you see DOM, it's days on the market. We had 42 days in 2017. We had 29 days on the market in 2018 and 40 days again this year back up, suspending a little bit more time in the market. Remember though, Genesee County doesn't have tons and tons of data though because it's just not as big of sample size, say as Wayne County and Oakland County. So sometimes these numbers might get some anomalies here and there. That's why again I've taken the macro of all the numbers. It's important.
Active homes in the market
At 570, 859 to 1,020 all the way up. Again, this is a one-off number though. So on the day that data was taken, how many active homes were on the market that day? So remember that. That's why I have seen the trend is important. We see a lot more active homes in Genesee County though. So it was very interesting.
Months of inventory
This is a ratio. The number of homes that are selling if no new homes came on the market, how long would it take to sell every last home? That is the month of inventory. So just to give you an idea - one to three months of inventory is a seller's market. Four to six is a balanced market. Then seven-plus is a buyer's market. So it gives you an idea here. Still, a pretty heavy seller's market even though with the increase. It's still actually under two, it's 1.93. So we're still in a pretty heavy seller's market.
New homes on the market
Seven hundred ninety-three, 827 last year, 839 this year. This is the number of new listings that came onto the market that month. So taking more of a broad shot, pretty similar actually when you look at it over the last couple of years of how much was actually coming in the market. Both, still, a little bit of increase. So it's good to see. We want to try to get it a little more balanced. Maybe four months of inventory would be great.
Price per square foot
This is a quick ratio. You have to multiply this by your square footage. You get the approximate valuation of your home. But remember this is countywide. We want to see the trend. That's why we have different years so you can see the trends and you're seeing the trend go up. Because there had been less inventory. So the pricing is going on. Remember, simple Econ101, right? There are more demand and less inventory, prices go up.
These are actual closings on homes. Six hundred 2 years ago, 511 last year and 534 this year. So again, hasn't changed all that much. Just varied a little bit. But who knows? You never know. So that's what's happened in Genesee County.
I will see you in a couple of weeks. We have the new ones for you in September to see how that went. But again, a little bit of a change, not too much. With inventory, it looks as if it's coming up a little bit. Prices are still slowly increasing though, but we'll see how that goes, how that changes and is affected by this data. It explains why buyers are having a tough time. Still, sellers we're making out. So that's it. Genesee County out. We'll see you guys in the next one. I appreciate your time, your energy. It's the most important thing we have, so I appreciate it more than anything. If you're on the podcast, come to the Facebook group, Facebook channel, Facebook pages, our YouTube channel (@legacygroupmi) to get your questions answered. We'll answer them all. We'd look forward to seeing you guys in the next one.