January 2022 Real Estate Market – Genesee County, Michigan
Mitten Made Properties, we are doing our Genesee county real estate market update for January 2022. Can you believe it’s already January? My, Oh my whereas time gone. So let’s jump right into this. Like what we’ve been doing for five, six years of the time we’ve been doing market updates, always preface with two things we want three years of data, that way you can see the trend. Remember the trend is your friend. So we want able to see all this data here and then we have the month in arrear. So we’re doing in January because all the month is done. We have all the data compiled, and now we can give it to you. So let’s jump right into this and take a look.
Days on market
Days on market, two years ago, 61, 40 last year, and then 37 this year. So again, you’re seeing this pattern of decreasing time on market, and obviously the seller’s market, less inventory, the whole nine yards as we’ve been talking about for two years, really for four or five years, actually. I mean, it just progressively got worse here in Michigan more of a seller’s market. And just, it really makes it tough because not only that as a seller makes it tough too, because if you’re trying, if you’re moving out the state and moving at north, it might be okay. But if you’re just trying to move down the street or move somewhere else, it makes it very tough as a seller. So you might be getting a lot for your house, but you’re then spending an exorbitant amount, subsequently. So, it evens out a lot. So, you know, we just have to monitor that.
Active number of homes in the market
Active listing, this is a one day data sample. So the day to day was taken, how many homes were on the market at that time? 781, two years ago, 316 last year. Again, we, we know what was going on there, but 494 this year, so a little bit up, but still not, you know, still not to the levels we want. We wanna double or triple that, quite honestly, to have a balance market, which you’re gonna see here in a second, which is months of inventory
Month of inventory
So, that’s at the rate data was the homes are selling. How long would it take to sell every last home with no new homes coming in the market. We had 2.65 months, two years ago, 1.04 last year, and then 1.57 this year. So again takes about six weeks, 1.57 there six weeks, for every home, if no new homes come to the market takes six weeks for every home to be sold, gone needle end this story. So just goes to show you how fast the market and for a context, one to three months is a seller’s market. Four to six is a balanced market. Seven plus is a buyer’s market. Meaning there’s tons of inventory and prices that have come down.
New homes in the market
Number of new listings here, we have 460 two years ago, 370 last year and 431 this year. And again, that’s a month wide data sample. So that’s the entire month, how many new listings came out the market in the whole entire county. So again, it’s kind of fluctuating around fluctuating the last couple years around that, you know, four, four and a half. So we still have a long way to go, you know, a long way to go before more inventory comes in the market. There’s not a lot of builders building and there’s not a lot of people selling. So, you know, raising rates may change that we’ll see black Swan events definitely will change that.
Price per square foot
Price per square foot. This is taking your square footage and multiplying it by this number, which you know, really two years ago was $89 and $107 last year on and $117 this year.
So you’re taking this 117, multiplying it by your square footage. It’s gonna give you an approximate value of your, of your home value. If you want an actual evaluation though, you need a true professional in there. You need someone on our team. Someone that’s been doing this for, you know, nearly a decade, an appraiser, someone who’s actually going to give you a true evaluation. Look at your home, look at your neighborhood, etcetera.
And then sold listings, this is the number of people actually at a closing table in the entire county. So 295 two years ago, 305 last year in at 315. So we’ve seeing that climb up a little bit. That’s really a function of just everyone’s closing anything that’s even standing. As you can see here, there’s not a lot of inventory and people are just closing everything in site prices are going up because of it.
So, again, things to be, be weary of and just gonna continue monitoring this at a month to month basis. And again, if you’re just in the market to let maybe refine, well, now’s a great time. Equity is going up. Obviously we have three years of data here showing you that the market, prices are going up. You have more equity in your house, but if you’re just looking to move for fun, it may be tough slotting trying to find a house. So, always wanna arm each and every one of you with the correct information, appropriate information. So you can make the best decisions for you and your family. And, this is just an incredible time we’re living through, but there’s the, you know, tech, AI, uh, the innovation that’s going on right now, you know, blockchain, you name it, it’s disrupting tech is disrupting everything and it’s, there’s deflation, there’s inflation, disinflation. We got a lot of things going on, a lot of moving parts. So, I appreciate you guys, we’ll see, in the next video, and again, if you got a benefit from this, please tag, you know, or someone, with someone who might benefit from us who live in that Genesee county area. And we appreciate you guys a ton so much. And, we just, your time is the most important asset we have. So we appreciate you sharing with us. We’ll see you in the next one.