February 2022 Real Estate Market Update – Wayne County, Michigan
Hey guys, Brandon here and Mitten Made Properties. We have your Wayne county, February, 2022 real estate market update. Can you believe that is February? Well, sorry its March, 2022, but that’s leads me right into my two things. I always preface with every video. We have three years of data cuz you wanna see the trend. The trend is your friend. One year would give you no context. You wouldn’t really understand what’s going on. And then here leads me into my other point. Can you believe it is already March, but we are looking at February because we always have the month in arrears, the data is signed, sealed, delivered, hot off the press ready for you here. So you guys can make the best decision for you and your family. Let’s jump right into this.
Days on market
Days on market. Anytime you see DOM or ADOM or CDOM. That just means days on market, 58, two years ago, 41 last year and then 39 this year. So again, we’ve seen that decrease in days on market and just really more and more of a seller’s market, which is crazy. These numbers we’ll jump on around a little bit. So we’ll talk about, as we go.
Active number of homes in the market
Active listings, this is the one day data sample. So the day the data was taken, how many listings around the market at that time? 4,680 last or two years ago, and then 2,431 last year. So it was cut in half. And then we’re back up a little bit with 2,938 not every home being bought and sold still a few sitting there which is decent to see.
Month of inventory
Months of inventory, 3.31 two years ago, 1.84 last year and then 2.29 this year. So again, a little bit of an increase in months of inventory, as you see from the active listings above. And just to give you some context, one to three months is a seller’s market. Four to six is a balanced market. And that seven plus is a buyer’s market. Meaning there’s a lot of inventory in house prices of come down. And this, what this means 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? That’s what that means.So anytime you see, months of inventory or MOI, it’s just a ratio quick ratio to see what kind of market you’re in.
New homes in the market
New listings. This is a month wide number. So this is the takes the entire month encapsulates it 2,495, new listings two years ago, 1,812 last year and then 2,018 this year. So again, a little bit of an uptick in the number of homes coming outta the market this year, which is good to see that is very good news.
Price per square foot
Price per square foot. So this is, you know, if you multiply this number by your square footage right here, $118. So we had a $87, two years ago, $110 last year and $118 this year. So again, we’re seeing an increase in this trend over the last couple years in Wayne county, the prices just continue going up more equity, squeezing buyers, but there’s more equity for sellers. If you multiply $118 buyer square footage, you’re gonna get your approximate home value. So if you had a thousand square house, it’s gonna be $118,000 is gonna be, be the approximate value. Now, if you want to get an actual evaluation, you have to have someone on our team, a professional or an appraisal or someone come over and actually value your house. Cause this is a countywide number. So this is more of a rule thumb to give you context over the last few years where the direction of the market is going.
And then sold listings. This is the number of people actually sitting at the closing table, closing on a home. How number of transactions closed on 1,413, two years ago, 1,323 last year and then 1,277 this past February. So again, down a little bit, this number doesn’t change that much, but again, significant little drop over the last couple years here. And, just there just hasn’t been a ton of inventory. So people are closing on doing everything they can, they just, there’s not enough to go around. So that’s why you see prices going up as the number above shows you.
So, appreciate you guys jumping in here, giving, you know, your time and energy here. It’s the most important asset we have. So we appreciate that so much. If you want more of geopolitical macro, our insider’s reports, you can go to the playlist there, go check that out.
We’ve been warning about inflation and the, and the wars, the interest rates, all the things that are going on and playing out. We’ve been warn about this for years. We follow a lot of smart people. Fortunately, we’ve talked about many of these people over the years, Mike Malone, Jim Rogers, you know, the Max Kaisers, all these guys who have been talking about this stuff for 5, 10, and 15, 20 years and have lived through these things. And we just try to relay that information and make ourselves smarter in the process. So we appreciate you guys and we look forward to seeing you on the next one.