December 2019 Real Estate Market Update – Genesee County, Michigan
We have your December 2019 Real Estate Market Update for Genesee County. Let's jump right into this thing. I always preface every single market update for years now with two things. We have three years of data that way you can see a pattern. The trend is your friend, remember that always. You'll be able to see the pattern. One year of data's not going to make any difference, right? Then we have the month in arrears because now we have the data fresh-off-the-press, ready to go. So let's jump right into this thing.
Days on market
The first one, 53 two years ago, 52 days last year, 54 days this year. Staying steady in the low fifties there. This is the average day a home sits on the market in Genesee County. You remember that.
A number of active homes sold - 566 two years ago, 828 last year and 812 this year. That is a one-day sample though. So that's one day the data was taken. How many active homes are on the market at that time? We can see a little bit more in these last couple of years in general. These three years you're going to see for all the counties, the inventory has been very low in general. So you're going to see some variations, but probably not too, too much.
Months of inventory
At the rate homes are selling, how long would it take to sell every last home with no new homes coming in the market? We had one 2 years ago to last year and then to this year. And again, just so you guys know one to three months is a seller's market. Four to six is even a balanced market. Seven-plus is a buyers market. Meaning there's a lot of inventory and not as many buyers.
This is the number of new listings that actually came out of the market for the whole month. 293, two years ago, 379 last year and 344 this year. So again, we're seeing a little bit of a decrease in December this past year. It will be interesting to see going forward.
Price per square foot
This is if you take your square foot and you multiply it by this number right here, it'll give you about what your home is worth, your value. Now if you need an actual evaluation of your home, you have to have a professional, someone on our team, on the appraiser, if someone comes to give you a value in your home, because this is a countywide number. Remember that. Eighty-nine dollars two years ago, $90 last year, $93 this year. A steady increase. That's why we see the pattern here. Countywide prices are going up in general.
This is actually the number of closings that are actually happening in your County. Four hundred thirty-three two years ago, 344 last year and 384 this year. A little variation here and we had a big dip last year. We're back up again a little bit. But we'd like to see those numbers a lot higher, in general, going forward. Maybe around like 500, something like that. But just tight inventory right now really across the board, across the map.
So that's your Genesee County Market Update. We try to get you guys in and out. If you know anyone that could use this information, I'd appreciate this. Please tag, share get, send it to them. If you're on the podcast, go to at @legacygroupmi, on our YouTube or our Facebook. Go comment there, ask questions. We look forward to seeing you at the next one. I appreciate your time and energy. It's the most important thing to have. I'll see you soon.