Hey guys, Brandon here, Mitten Made Properties. We have your Oakland county, February 2022 real estate market update. Let’s jump right into this thing. We always have two things. We preface with every single video. We have three years of data. We wanna be able to see the trend. The trend is your friend, and we have February. We not in March. We’re not talking about March because February is wrapped sign sealed and delivered we have the data, hot and fresh for you. So you can make the best decisions for you and your family. Let’s jump right into this.
Days on market
Anytime you see days on market here, DOM, CDOM, ADOM. It just really, basically means days on market. 70 days on market two years ago, 46 last year, and then 37 this year. So again, we keep seeing sharp drops in the days on market. I mean, just over a month in February, really remarkable stuff. You usually see that stuff in July, so it’s gonna be signs of things to come possibly.
Active number of homes in the market
Active listings. This is the number of listings on the market. On the day the data was taken. So 3,701 two years ago, 2,065 last year. So almost cut in half and then 1,737 this year. So again, just all the homes being bought up. It really is remarkable. What’s going on. We’re seeing a little bit different data though. You know, some counties have little few more at listings in the last year. Some have last. So it is, you’re starting to see some divergence here, which is interesting.
Month of inventory
Months of inventory. 2.8 months of inventory, two years ago, 1.65 last year, and 1.47 this year. So just under six weeks of inventory and at the rate homes are selling, how long would it take to sell every last home if no new homes hit the market?
That’s what that number set is telling us. And just to give you context, one to three months is a seller’s market four to six is a balanced market. And then seven plus is a buyer’s market mean there’s a ton of inventory and there’s the prices are coming down. So we are really, you know, steeply into a seller’s market here. As you can see.
New homes in the market
New listings, this is the number new listings that have come onto the market through the course of the entire month. So this is a month wide data set, 2169, two years ago, 1,775 last year, and then 1,614 this year. So again, fewer homes coming on this past January than the last couple years too, which is again scary. But again, if you, if you want more on the geopolitical and the macro or insider’s reports, we go deep into that stuff for 5, 6, 7 years now, we’ve been putting that out warning of all the things coming, the inflation, the real rates, real interest rates, the geopolitical tensions. We’ve been talking about this stuff for years, literally years and warning our clients. What’s going to happen, how to prepare ourselves what to do, what we’re doing to prepare and just, you know, really studying the greatest minds in the world. People are actually successful not the economist because they’re just getting paychecks to, you know, parrot the talking points of the powers that be. So, what are truly successful investors, the big hitters doing. And, so we are just relaying that information for years now. It’s made us very smart, fortunately, and we’re just relaying that information. And hopefully we can hit that advice. New listings. This is a month wide number, which I believe I just went over actually. So again, way down.
Price per square foot
Price per square foot sold $121, two years ago, $121 a square foot last or two years ago, $148 last year, $160 this year. So again, we’re climbing and climbing. You wanna see that data all three years because you can see that trend. And the trend is your friend, obviously, if you multiply the 160 by your square footage, you’re gonna get your approximate value. And if you, want an actual evaluation, you gotta have someone on our team, a professional, an appraiser, someone come over and actually value the house. So this is more just to see, Hey, which way is my account, which, which way is my area trending is what this number is for in this context.
Sold listings. This is the people actually at a closing table, closing on a home 1297, two years ago, 1,255 last year, and then 1,177 this year.
So again, down a little bit, this number doesn’t change all that much, but again, you can still see less people closing, which is again, it’s just crazy. There’s not a lot of inventory and you feel are buying up every home they can. And just because there’s such a supply crunch, you’re seeing that number go down, which is insane.
So that’s it guys that our Oakland County, February, 2022 market update, appreciate you guys joining in here. Remember go to the insider’s videos. If you wanna see more, you know, macro, geopolitical talk and how that’s affecting people’s portfolios etc. and their lives to be quite honest. And we appreciate your time and your attention and your energy. It’s the most important asset we have. We look forward to seeing you guys on the next one.