August 2019 Real Estate Market Update – Oakland County, Michigan
We have your Oakland County August 2019 Real Estate Market Update. Let's jump right into this thing.
So we always preface this with two things: we have three years of data that way we can see the pattern. Remember the trend is your friend. If we just had this column it wouldn't make any sense at all. Right? So we have three years. You can see the trend, we've got the month in arrears because it's all hot off the press. The month is closed up. Now we have the data. So let's go.
Days on market
DOM, average days on market is 34 two years ago, 38 days last year and then 40 this year. So we've seen this kind of across the board. We've seen numbers dipping in the number of listings going down. We've seen average days on market going up all across the County is actually a, so we are in some very interesting times. Where that leads me to believe is that there are fewer buyers out there that people are holding back a little bit, a lot of uncertainty in the market. Because if there are lesser listings, it should mean things are going faster than they were for a year or two. But now it's starting to kind of pull back a little bit. I see some weird stuff going on.
Active homes in the market
Five thousand four hundred ninety-five two years ago, 5,734 last year at 5,916 this year. But again, remember - active homes, this is a one day snapshot. So at the time that these staff you've taken, this is how many listings were active at that time. So it's not a month wide number. We have that coming down here. But again, it gives you an idea of the trend in which way things are going. So we've been seeing that a little bit. We've been seeing the active go up and down in the counties, but then the new listings coming on going down actually. So, who knows? Interesting. Very, very interesting. They have a lot of conflicting data. But wait, when the Federal's printing money and they're buying bonds and they're doing all kinds of stuff, anything's possible. And that's why we are seeing weird things happen.
Months of inventory
At the rate that homes are selling, how long would it take to sell every last home without any new homes coming in the market? We had 2 two years ago, three last year, and then three this year. So just to give you context, what that means, because it's a very quick snapshot or ratio you can use to know what kind of market you're in. One to three months is a seller's market, four to six is a balanced market. And then seven-plus is a buyers market. So that way you know what kind of market we're in very quickly. We're still in the seller's market. Sellers are still making out as compared to buyers. Buyers are not getting the best deal possible right now.
This is a month-wide number though. So we had up here as a one-day snapshot. Here is the number of new listings that came in the market during that month. So there were 3,995 two years ago, 3,884 last year, and then 3,888, about the same as last year. So interesting. Still down, still less than we'd like to see, but the same as last year, which again was really big down here. It's going to be interesting going forward. Again, not a lot of inventory or see all that kind of plays out.
Price per square foot
One hundred twenty-three dollars in 2017 a square foot, $129 a square foot last year, and then $134 a square foot this past August. This is you taking your square footage and multiplying it by that number. It's gonna give you about what your home was worth. We give you an estimation, and remember this is a countywide number though. Let's not take into consideration the improvements you've done in your own neighborhood, in your locality. You have to have an appraiser look over it. You have to have a real estate professional, like someone on our team come over and gives you an appraisal on your house actually. So you can have specific numbers. Yours could be $160,000 or it could be $100,000. So you just don't know it. This gives you an idea and it gives you the trend, which is the most important that "Hey, you know what? Your county has been increasing on average every year. The last we have is sold. This is the number of closings, actual closings, people closing on homes. This is our real buyer statistic that we have a 2,462 years ago, 2193 last year and then 2125. So again, kind of bumped back up a little bit in between these two years, 27, 2018, which is good to see. But again, still slow, still really slow. So we'll see what goes. Have going forward. We had a lot of interesting data, a lot of different things going on, a lot of political uncertainty. The Fed doing a lot of stuff. It's worth some interesting times.
So I appreciate you guys sticking through this. I'm trying to make this as short as possible. As you get information, get in and get out. This is Oakland County in August 2019. If you have any questions, comments, concerns, you're on the podcast, go to @legacygroupmi, on our Facebook or YouTube. Ask your questions there and we will gladly respond there. We got a lot of private messages, but if you guys feel so inclined, please put them on the public channels that way we can answer them and help as many people as possible. So I appreciate you guys more than anything. Your time and energy is the most important thing we have, so we appreciate that a ton. We'll see you at the next one.