Mitten Made Properties. We have your February, 2022 Genesee County real estate market update. Can you believe it is February already? Let’s jump right into this. We always preface with a couple of things here. Two things to be exact. We have three years of data, cuz the trend is your friend. If you had one year of data, wanna make any sense? So we always want three years of data to see the patterns and we have the month in arrears, February is done and wrapped up. So we have the data fresh, hot off the press for you. So let’s jump right into this.
Days on market
We have days on market DOM, anytime you see that. And a DOM CDOM, you know, basically just meaning how many total days are on market here. 61 days on market two years ago, 34 last year and then 40 this past year. So, jumping up, a little bit, but again, Genesee county, doesn’t, it’s not the biggest sample size in the world either. So as you go through the different updates here, the counties in Southeast Michigan, you kind of get a good example, a good sample size of what’s going on here in Southeast Michigan.
Active number of homes in the market
Active number of listings. This is a one day data samples. So the day the data is taken, how many homes came on the market that day? Active number listing 702, two years ago, 313 last year and then 521 this year. So again, we’re seeing an uptick in homes in the market, which is good, cuz we haven’t been seeing that. So we’ll see how this plays out, going forward.
Month of inventory
Months of inventory. This is,, you know, MOI that stands for months of inventory, which means at the rate homes are selling. How long would it take to sell every last home if no new homes came on the market.
And , it was 2.6, two years ago, one last year, 1.77 this year. So we’re almost up to, you know, seven weeks or so basically a of inventory, which is a big jump up. And again, just for context, one to three months as a seller’s market mean there’s not a lot of homes. Like the time we’re in now, four to, sorry, four to six is a balanced market. And seven plus is a buyer’s market mean there’s a lot of homes in the market and prices have come down.
New homes in the market
New listings. This is a month wide number. So there’s 507 new listings. The total total that came on the, on the market in 2020 of February, , 2021, there was only 458 that came on and then there was 409. So there’s actually, less new listings that came on the market the total month. So up here we see a big discrepancy because this is just that the day the data was taken, how many were active.
So we’re seeing a little more, a few more sit right now. But we throughout the entire a month, there’s actually less that came on the market. So again, like I said, we’re gonna see how this plays out going forward. Cuz the numbers can fool you sometimes if you don’t have context of what’s going on here.
Price per square foot
Price per square foot, $96, two years ago, $105 last year, the $116 this year. Again, we’re seeing that trend. The trend is your friend. You wanna see what kind of equity you have in your house. There’s a countywide number though. You take that number $116, multiply by your square footage, say a hundred square feet or sorry, a thousand square feet. And you have $116,000, or a hundred. What is it? Hundred. Yeah, $116,000. And that will give you approximately what your house is worth. Obviously, if you want an actual appraisal in your house, you have to an appraiser, a professional, someone on our team come out and actually look at the house, look at your area, look at what you have going on specifically. And then that will determine your value. Cause this is more of, we wanna see the trend, which way things are going.
And then sold listings. This is the last one that is a buyer statistic. So really unless there’s cataclysmic things happening like Cerveza sickness, like massive, credit manipulation in the stock markets, and markets in general, blowing up, usually stays pretty consistent. We see that here 270 two years ago, 301 last year and then 292 this past year. So again stay pretty consistent and that’s people actually buying homes, actually closing on homes at closing tables.
So that’s it guys. That’s your Genesee county market update. We try to get you guys in and out of here in about three minutes or so and give you the data that you need to stay informed and make decisions best for you and your family, because that is exactly in this time of misinformation and disinformation. You need the data, you need the facts, you need the know exactly what’s going on. This is directly from the MLS here in Southeast Michigan. So appreciate you guys. Your time and energy spending with us is the most important thing we have. So I appreciate you spending with us and we’ll see you in the next one.