December 2021 Real Estate Market – Wayne County, Michigan
Mitten Made properties. We have your Wayne county, December, 2021 market update. We appreciate your patience. Over the last handful of months, we have had some business turmoil, some personal turmoil going on. A lot of, you know, things are all good, everyone’s healthy. Stuff’s good. Now, we just had, you know, craziness logistics stuff going on. So we just have them able to provide the market updates and the content like we have over last five, six years, so we are back on it and, hopefully gonna be better than we used to be. And, , just appreciate you sticking with us. So, let’s jump right into this. We always preface our market updates with two things. We have our three years of data that way we see the trend. The trend is your friend and we have the month into years, cause now the data is all completed.
The month is wrapped up. So now we are good to go and good to jump in to this.
Days on market
So, days on market, 48 days on market two years ago, 39 last year and then 29 this year , there’s past December. So again, you can see big, big decrease in days on market and average time across the entire account, which is remarkable.
Active number of homes in the market
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
And then boy, the last two years had just been crushing for buyers, for the market, grinding the market, really to a halt in a way , in the months of inventory 3.21 two years ago, 1.51 last year, 1.61 this year. And again, just to give you context, that’s that what that means is at the rate homes are selling, how long would it take to sell every last home if no new homes came to the market? So it would take six weeks for, you know, six and a half weeks to sell every home. If no new homes came to the market right now, it would take six weeks and all the homes would be completely gone. So 1.61 months. So just truly an incredible time. And again, just to give you context there as well, one to three months is a seller’s market. Meaning there’s prices are high, there’s, less inventory, four to six is a balance market. And then seven plus is a buyer’s market.
New homes in the market
New listings that’s the number of new listings that actually came on the market that month going forward the entire month, how many new listings actually hit the market? So there’s just under 2002 years ago, 1746 at the end of December, 2020, and then 1687, December, 2021. So again, we’re seeing less and less homes come in the market, not good. We need people building homes. We need inflation to come down. We need supply shortage to stop. We need the goal post stop stopping on the moving of interest rates we need, , fixed currencies. We need, you know, gold, we need Bitcoin. We need things that are fixed supplies, pegging rates and, pegging. So they’re predictable for business owners. They’re predictable for homeowners. They’re predictable for consumers cause this is insanity. What’s going on and I don’t know what stops other than calamity. So we will leave that for a video for another day.
Price per square foot
This is again, you take this and you, you multiply this by your square footage. You get approximately your square footage in this is a countywide number though. Remember that? So countywide number. And if you have to have a true professional, like someone on our team or an appraiser come to your house and give you an actual evaluation on your home, see your neighborhood, see your home. And that way it’s not a countywide number cause this, this important to see here, $93 square foot, two years ago, $112 last year and then $126 this past December. That’s good to see the trend. Obviously the trend is trending up. There’s less inventory. There’s more people looking. There’s more cash in system prices are going up. There’s more equity. So how are you managing your debt and equities? , that’s what you really have to be looking at. How are you managing that equity in your house? Are you taking out, are you buying more assets with it or are you buying liabilities? Are you buying jet skis and , you know, and games and, and toys, or are you buying assets or producing more cash flow? What are you doing with that debt?
Last one here is sold listings, which is the number of people actually sitting on a closing table, closing on a home, 1659, 2 years ago, 2009 last year and then 1895 this past December. So again, we’ve seeing, you know, really, the squishing to appear of less homes in the market, but yet more homes are being sold. So if what it tells us, that’s why the homes, you know, people are just desperate. They’re searching for anything, they’re taking anything. They’re just getting rid of it all and they’re buying whatever is left, and that’s why prices are going up as well, just really an incredible time in the market.
So we appreciate you guys patience, , with our market updates. And, we look forward to just providing more value going forward and, serving you and, hopefully providing you a good service, a great service. So that way you can make the best decisions for you and your family and your businesses. So I appreciate guys and we’ll see you on the next one.