December 2021 Real Estate Market – Genesee County, Michigan
What’s going on guys, Brandon, Mitten Made Properties here. We have your market updates for December of 2021. And the last three years here, we always talk about market updates, a couple things that are super important that is to see the trend. The trend is your friend. So you’re gonna see here obviously, the last three years of data and, why that’s so important. Cause if we just had one year data, didn’t make any sense. Um, and remembering that the trend is your friend. So let’s jump right into this.
Days on market
In 2021 here, we had, let this past December, and compared to the last couple years we had 54 days on market two years ago, 29 last year, and then 27 actually, surprisingly even less this year. So just remarkable what’s going on there. And,, just the speed of the market and this is in Genesee county, obviously.
Active number of homes in the market
Active listings, we had 812, two years ago, 387 last year and 441 this year. So again, huge disparities in the last couple years. And in 2019 was already, we had low inventory. I mean, that was already, you know, a really big seller’s market as you’re gonna see here in the coming stats actually, months of inventory. And again, if you guys have any questions on any of these things, go back and look at all the previous years we’ve been doing this, you know, four or 5, 6, 7 years of data we have of doing this month after month to show you guys the trend and be able to invest, or purchase homes appropriately, whether it’s your, you know, you’re a family or whatever it is, you’re investing. You are making an investment into your future. So we had to know which way the trends are going.
Active number listings that’s on the day, the data was taken, how many listings were actually active that day? 5,322 two years ago, and then 3026 last year and then 3045, this past December. So you can see that the market is still just hemorrhaging homes. , and again, 2019 was already a down year in terms of inventory, up here for sellers, already tough for buyers and just less inventory.
Month of inventory
Months of inventory is 2.1, two years ago, 0.8 last year, and then 0.88 this year. So, you know, 0.9. So very, very fast market. Just for context, you know, five to, you know, five plus, or sorry, seven plus months of inventory is buyers market, about four to seven months there in the middle is a balance market. And then anything under about four months, you know, three or four months of inventory is a seller’s market, meaning that there’s a low inventory in the prices that are really skyrocketing. So that is super quick ratio to just to know how fast the market is and what kind of market you’re getting yourself into, had to be prepared.
New homes in the market
New listings, we had 344, two years ago, 361 last year, and then 345 this year. So that again, that’s, that’s new listings were actually on the market that came on during that entire month.
Price per square foot
So actually pretty, pretty consistent there quite honestly. And the active listings we had up there was one day shot one day, a sample size and where new listings that’s the entire month, how many listings came on the market price for square foot sold. This is, you know, you could take this number to multiply it by your square footage and then approximately get your value. Remember, we need to see may we need someone on our team there, professional and appraiser. Someone actually can value your property and see what’s going on there. However, this gives you an idea of the trend, like I’ve said before, which way things are going. So $93 a square foot, two years ago, $108 last year and $123 this year. So big, big jumps, obviously in value and equity, people are seeing in their homes.
Sold
And then the last thing here is sold listings. This is, you know, the, really the one buyer stat that we have that is, you know, that’s gonna be, you know, huge for what we’re doing, and knowing, Hey, this thing’s stays pretty consistent unless there’s huge black spa events, catastrophic things in the market like we’ve had in the last year or two. So this is where that data gets, a little bit skewed, but actually right here, it has stayed fairly consistent actually. So 384, two years ago, 485 last year, and then 503 this past December. So, staying fairly consistent and people are just buying up everything that’s in the market. You can see here that it’s, it’s speeding up so much. There’s actually less inventory, but more being sold. That means dang near everything’s being sold. So that’s your Genesee county, December, 2021 market update. We’ve had, you know, a lot of obviously world issues going on our team has a lot of personal things going on, um just with people’s lives.
So it’s been, very difficult for us to put out, as much content as we like over last handful of months. So we appreciate the patient and, we really look forward to, servicing all of you again, and giving you the market data that you need. Because again, we, we started doing this 5, 6, 7 years ago when, when it was not looked very highly upon to doing social media and doing content and putting it out there. So we’ve been building up an arsenal of thousands of videos, um, for our clientele and, for investors and for lenders and people that we’re working with to give them the data, they need to make smart decisions. So we appreciate you a ton. And, we look forward to seeing you next video. And again, we’ll have the other counties here in Metro, Detroit as well. So look for those going forward. As we, use our new little style here, for the time being, and, uh, as we’ve had a lot undergone a lot of changes over the last full of months. So we appreciate you and we’ll see you on the next one.