February 2020 Real Estate Market Update – Wayne County, Michigan
We have your February 2020 Wayne County Market Update. Let's jump right into this. But before we do, I know there's a lot of crazy things going on. This is super important to get this information out because housing is most people's biggest source of equity. Housing is a lot of people's retirement and it's just quite frankly most people's biggest investment they've made. Their biggest investment, the biggest source of equity and a lot of people's retirement. So that's why this is important. The show must go on and we will continue to do this throughout the month, whether we have to do it here or at home, wherever. That way you have the most up-to-date information, that way you can make the best decisions for you and your family. So let's jump right into this.
We always have the month arrears because the data is hot off the press. We're good to go with the closed month. Then three years of data that way we can see the pattern and the trends. Some of these data are, if we just give you one year, it wouldn't make any sense. So now you see the trend to see which way things are going. As we always say in investing, "the trend is your friend," right?
Days on market
Fifty-three days in the market two years ago, 55 last year, 58 this year. Again, we're seeing this throughout Southeast Michigan. A rise in the number of days on the market.
Active homes in the market
Four thousand two hundred twenty-one two years ago, 4,732 last year and then 4,680 this year. An increase again, homes are sitting longer. That's why we're seeing that increase of homes in the market and that's a one-day data sample. At the time the data was taken, how many homes were on the market at that time?
Months of inventory
Three across the board, three last two years ago, three last year and three this year. Months of inventory is at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market? To give you some context, because this is a quick ratio to see what kind of market we're in very quickly without having to see all the other data. One to three months is a seller's market. Meaning there's not a lot of homes. Prices are going up. Four to six months is a balanced market. Then seven-plus is a buyer's market. Meaning there's a ton of homes market and you can get pretty much your pick off the litter and prices are going down.
New listings
This is the number of new listings that came onto the market in that month. So this is a month-wide sample. Two thousand one hundred twenty-three two years ago, 2,304 last year, and then 2,495 this year. Again, we're seeing that number increase throughout Southeast Michigan in the number of new listings coming onto the market. So that's a good thing going forward, hopefully. We'll see. We'll keep you updated with all this craziness happening.
Price per square foot
Seventy-seven dollars per square foot two years ago, $84 a square foot last year, $87 this year per square foot. You could multiply that by your square footage to get approximately what your home is worth. This is taking into consideration the entire county. So the trend here is more important than anything, especially in Wayne County. Knowing that you need to have an appraiser, a professional, someone on our team come and actually give you a valuation on your home, come and see the area, the neighborhood, the plot of land and then do an analysis on their property to see what it is you actually could get for your home. Because that's just a rule of thumb for you, a county-wide data. The trend here is more important. Equity is increasing in the last few years, last really eight, nine, or ten years on your property.
Sold
This is people signing for a home and closing on a home. One thousand four hundred eighty-three two years ago, 1,358 last year and then 1,413 this year. So a little bit of increase backs up to almost 2018 levels, which is awesome. This number is - you can see again throughout Southeast Michigan - it doesn't fluctuate much. It is very consistent over the last couple of years. It doesn't change much. The buyer pool stays pretty, pretty similar, pretty even. The listing supply goes up and down. But this is the people that are closing on stuff. So just go to show you again, this doesn't change much unless we get into recessions and depressions, or really big catastrophic events like that.
So that's your market update for Wayne County for February 2020. I hope you enjoyed it. Get in, get out, get the information. If you're on the podcast, go to @legacygroupmi, on our Facebook and YouTube where this will sit. Your question, comment, concerns. Share it with someone that might enjoy it. And again, we're going to continue to give you this information going forward because this is, I believe, super important obviously for everyone's wealth going forward. I hate to say survival, but just knowing this information can prove beneficial, obviously for you and making decisions quickly for you and your family. So I appreciate you guys, your time, your attention, your energy that you spend with us. I look forward to seeing you on the next videos we put out and also in a month now. And when you do, the next market update is - I have a feeling it might start looking a little different. So I look forward to seeing you at the next one. Stay safe and stay healthy out there and we'll see you next time. Yeah.