December 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County December 2019 Real Estate Market Update. Let's jump right into this thing.
I always preface every market update with two things. We have the month in arrears because we have all the data now. The month is over, we have it fresh-off-the-press, so hot-off-the-press if you will. We have three years of data. That way we can see the pattern. Remember, the trend is your friend in any type of investing. So whether it's your house or investments, you want to see the patterns. This gives us three years of data so we can see a pattern and see the trends. Let's jump right into this.
Days on market
Average days on market a home sits looking to be sold. Sixty-Four two years ago, 63 last year and 62 this year. A slight decrease over the last couple of years here in days on market. There's just lower and lower inventory.
Five hundred two years ago, 659 last year and 664 this year. Remember, this is a one-day sample size. When the data that was taken, how many homes are on the market? It's not a month wide number. Again, the pattern is important here.
Months of inventory
Two 2 years ago, 4 last year and then 3 this year. We're still in a seller's territory seller's market. Remember, months of inventory means that at the rate home/s are selling, how long would it take to sell every last home in the market if no new homes came on the market?. One to three is a seller's market, meaning there is not a lot of homes for sale like we're in now. Four to six is a balanced market. Then seven-plus is a buyer's market meaning there's a lot of homes for sale and there are not enough buyers. Just to give you context there.
This is the number of new listings that came on the market during the entire month. One hundred seventy 2 years ago, 171 last year, 188 this year. Again, a little jump in the housing inventory which is a little different from some of the other counties actually in the area. So good for Livingston. Hopefully, it's going to balance out a little bit more going forward. So we'll see. We still need those numbers to be higher though.
Price per square foot
One hundred thirty-nine dollars two years ago, $132 last year, $156 this year. A big jump this year with the number going up there in the equity in people's homes. Basically take that square footage and you multiply that by your square footage, it gives you your approximate value. Now if you want a true valuation on your home, you have to have a professional come out, like an appraiser or someone from our team, for instance. They can come to do an actual evaluation of your home because this is just a countywide number. Remember that.
This is the number of people actually sitting at the closing table and signing for homes. Two hundred fifty-nine two years ago, 188 last year and 218 this year. We're back in the middle of these two years. Actually, inventories are down overall. If you saw all this data, it would show you a bigger number and these are just low, low numbers, low inventory across the board really in all of Metro Detroit.
That's your Livingston County Market Update for December 2019 wrapping out the decade. I appreciate you guys on the journey with us. We look forward to bringing you a lot more content in the decade to come. If you know someone who can benefit from this, please comment on it. Share it. Like it. If you're on the podcast, go to @legacygroupmi. On our Facebook or YouTube, go comment there. We appreciate your time and energy. It's the most important asset we have. We'll see you guys soon.