February 2020 Real Estate Market Update – Genesee County, Michigan
We have your February 2020 Real Estate Market Update for Genesee County. I know there's a lot of crazy stuff going on right now, but the show must go on. We still have your updates, your content, everything to keep you informed and we're going to continue to keep you informed throughout all of this. We're going to see how this affects the real estate market. Obviously, we can see a lot of the other markets being affected quickly. The real estate market is slower so we're going to see how that is affected as we go forward. So stay tuned, let's jump right into this.
We always preface with two things. We have the month in arrears that way we can see all the data. It's hot off the press. We're good to go there. We have three years of data that way we can see exactly what's going on. We have a pattern because if we just showed you this year, it wouldn't make any sense. So let's jump right into it.
Days on market
DOM, anytime you see that. Sixty-four days on the market two years ago, 59 days last year, then back up a little bit to 61 this year. Pretty, pretty normal, pretty standard.
The active number of homes
That's a one-day sample of the number of homes on the market active when this stat was taken in and we actually found the stat. Nine hundred ninety-four two years ago, 737 last year, then down to 702 this year. So we can already see a little bit of a change which is crazy. We're seeing fewer homes in the market, which is not good, so not good.
Months of inventory
Anytime you see MOI, it's a ratio to know at the rate homes are selling, how fast will every home sell if no new homes come on the market? Four months two years ago, two months last year, and then 2.6. You could say this is probably high 2's as well. But just to give you guys some context, one to three months is a seller's market, meaning there are not a lot of homes in the market like right now. Prices are going up. Four to six months is a balanced market and that seven-plus is a buyer's market. Meaning there are lots of homes to choose from and prices are going down.
This is a month-wide stat. Four hundred twenty-five came on the line two years ago, 435 last year and then 507. There are more new listings actually coming in the market going forward. So that's a good thing. We'll see how that plays out going forward. Again, not sure what's gonna happen, obviously with the spread of the virus, but we will keep an eye on that.
Price per square foot
It's $81 two years ago, $92 last year, $96 this year. So again, that trajectory, you want to see the trend there and the trend is trending up. Obviously low inventory and there's obviously either the same amount of buyers or fewer buyers. Then prices go up, right. Less, less supply. There's more demand, prices go up. So you can take that, multiply your square footage, you're going to get approximately what your home is worth. Again, that's county-wide, remember. When you do a true CMA, you got to have a professional, someone on our team, an appraiser come out and actually appraise your home. This is a county-wide number. You're taking a street, a mile or two radii in the last six months. But this just shows you the trend more or less of which way things are trending with your equity in your home.
A number of homes sold.
Two hundred fifty-three two years ago, 354 last year, then 270 - dropped down again this year. Just not a ton of activity. This is actual homes closed on people, at the closing table signing.
So that's your Genesee County Market Update for February 2020. I appreciate you guys a ton more than anything. If you're on the podcast, go to @legacygroupmi, on YouTube and Facebook to go put your comments there and go type those in. We will get those answered for you, your questions, comments, concerns. We appreciate you spending your time with us because it's the most important asset we have. Stay safe out there. Say healthy, and we will see you on the next piece of content, but also the next market update next month and we'll see how things keep riding out here. So we'll see you guys soon.