December 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County December 2019 Real Estate Market Update. Let's jump right into this thing. I always preface every video with two things. We have three years of data that way we can see the trend. Remember, the trend is your friend. One year data wouldn't do you any good. We had the month in arrears because now we have all the data hot-off-the-press, ready to go. Let's jump right into this.
Days on market
DOM, anytime you see that. Forty-One days in the market two years ago on average, 40 last year and then 48 this year. So again, a jump up this year. Some weird stuff kind of going on Detroit County area, that's for sure. So we'll see how they flash out in the rest of the stats here.
Active homes in the market
This is a one-day sample size. How many homes are actually active on that day when the data was taken? One thousand two hundred twelve two years ago, 1,535 last year and 1,526 this year. It really slowed down the last few years in December in Macomb.
Months of inventory
One 2 years ago, two last year, then one this year. Again, a very, very tight seller's market. One to three months is a seller's market, for context. Four to six months is a balanced market and seven-plus, meaning there's tons, tons of homes in the market. Not enough buyers. That's seven-plus months. The month of inventory is at the rate homes are selling, how long would it take to sell every last home with no new homes coming in the market? That's what that means there. So just to give you a kind of context. That's a simple quick ratio to see what kind of market we're in.
Nine hundred sixty-nine two years ago, 981 last year and 1,029 this year. We've seen a little bump. This is the number of new listings that actually hit the market in that month. We're seeing a little bump of over the last year or two. So that's good. Hopefully, the things that come, maybe we'll see going forward in the next few months. All of that pans out.
Price per square foot
Ninety-four dollars two years ago, $100 last year, and then $261 this year. Again, prices are really jumping. This probably is a little bit of an aberration. There's probably some really high-end homes that were sold that really kind of skewed the numbers a little bit. Sometimes, out of the 18 numbers, there might be one or two that are kind of weird. Just remember that.
If you want a valuation - again, this is a countywide number, take your square footage, multiply by that and you're gonna get your proximate value. But again, of course, you want a real estate professional, an appraiser, someone on our team to come to give you an actual evaluation on your home. This is just so you can see a trend or a pattern, the way equity is going in your county. Sold is the number of people actually writing their signature, actually closing on a home. One thousand one hundred fifty-two 2 years ago, just over a thousand last year and then 1,108 this year. Again, a little bump up again this year. A good sign, hope for things to come.
That's your market update. We try to get in and out on these things faster so you guys can get in and get out, get the information you need. Macomb County December 2019. We look forward to bringing you the next decade of information coming your way. We appreciate your time. Your energy is the most important asset we have. If you're on the podcast, go to @legacygroupmi. On Facebook or YouTube too, put your comments, questions, concerns, put everything there. We appreciate it guys. We'll see you at the next one.