January 2019 Real Estate Market Update – Genesee County, Michigan
We have your market update starting off 2019 strong. We have your January Genesee County Market Update. Let's jump right into it and try to keep this under five minutes. That way you guys can get in and get out and get what you need and make good decisions for you and your family, your loved ones. Genesee County, January of 2019. We always do the month previously because that's when we have all the data. Data is now out. We have all of it from the MLS and we can now give it to you straight up and it's the fresh hot off the press. The month is closed so we can give you all the most accurate data. People always asked that. We gave you three years of data because that way you can see a pattern. You want to see a pattern when you're looking at numbers. If I just gave you this year, it wouldn't mean anything to you, but now when you see three years you can see a pattern developing. Again these are all January, January 2017, 2018, 2019.
Days on Market
72-58-63 days. So we have a little jump this past January and we did. We can see this huge decrease here and then a jump up actually. There is a lot of things going on, but I think one of the big things really is interest rates going up, market volatility. It's kind of scaring people a little bit and that's why we see a little bit jump here.
Active homes in the market
Active home is a number of active homes at the moment in time because we can't look at every active home throughout the whole month. We're looking at the time that this data was retrieved at the end of the month, this is how many homes are actually on the market at that time. So it gives you a good pretty good cross-section, but you can see the huge decrease in homes that were active in that county. I mean it's literally half in two years, half - in half. I mean it's incredible. And that's again why people have had such a hard time finding homes and why sellers have had a really fun time selling homes.
Month of inventory
Month of inventory is at the rate homes are selling, if no new homes come in the market, how long would it take to sell every last home. And again we can see that it is a seller's market because we're down into the threes, jumped all the way down. One to three months is a seller's market, four to six, four to seven is a balance and then seven up is a buyer's market. So there's tons of inventory. If there are seven months, months and months of inventory. A lot of stuff sitting for a long time in essence. When you've got 70, 80, 100 plus days on market averages. So that's what that looks like and that's where you can have a quick ratio basically of what does the market look like. You don't have to get into all these numbers, you can just know right off the bat what's the months of inventory, what's the MOI and see what's going on.
New homes in the market
There are so many new homes that came onto the market so we actually have an uptick of new homes that were listed in the month of January. So hopefully that's good for the data going forward. Hopefully, that brings more inventory obviously to buyers and hopefully they respond well to that.
Price per square foot
Again, this climbed from '17, '18 and then it stayed steady over this past year, which again is I'm thinking never have a little more balanced this year possibly. So that does not surprise me. That's good.
Sold
This is really the only buyer statistic we have. This is how many people are actually out there looking for homes, closing on homes. So again, we have a decrease here. A little bit decreased from last year. Again, there just aren't as many homes in the market. It's still a fair amount of homes closing, still about the same even though there are a lot fewer homes in the market. But again, this data really does look at the closing number, the sold number is closing, so it really goes into the last month or two and then things that have closed in January. So, November, December, things that went under contract and closed here.
It's a welcome sign that we're going to have maybe more of a balanced market this year, but we will see it's going to be very interesting to see what happens. Again, you see some big variations in the numbers here and that's why we want to see a pattern as to what's going on. This is super important. I think it's a super important year, so be on the lookout. We'll be doing these updates like we do every single month. Be on the lookout for these updates because they're going to give you a window into what's going on in our analysis, into what's going on in the market. Especially here in the local area.
So I appreciate you guys more than anything. If you know someone that could benefit from this, maybe they live in Genesee County, you know people there, whatever it may be, please tag them, share it with them. We are very grateful for you for that. Also, I just want to thank all of you for the comments, the love that we get in every way for doing this. We really appreciate that more than anything. If you guys have questions or anything like that, please put them on the feeds here in Facebook and YouTube that way we can get into a conversation with people on here. We aren't just having one-off conversations and only one person benefits. We want everyone, the most amount of people to benefit. So appreciate you guys more anything and we look forward to seeing you very soon. Thank you for your time and energy because it's the most important thing we have. See you guys.