January 2022 Real Estate Market – Livingston County, Michigan

Mitten Made Properties. We have your Livingston County real estate market update for January 2022. Can you believe it is January? Wow. Where is time gone? Feels like yesterday, the good old, you know what, came down two years ago, almost two years ago, Cerveza sickness incredible. Let’s jump right into. So every last five, six years we’ve been doing this, we always preface with a couple things here. We have three years of data, that way you can see the trend. The trend is your friend. As we always say one year of data wouldn’t make any sense to you. Just looking at, you know, one of, need some context and perspective, and then we have the month in arrears we have, January is hot off the press. You know, the data is closed up. The data is all cinched up. So we are good to share that. And, off the go in a couple weeks, we’ll have February as a data I believe, or not with a short month.

Days on market

So days on market jump right in here. DOM, anytime you see that was 67, two years ago, , 48 last year and then 38 at this year. So you can see again, this crazy seller’s market we’re in things just continually speed up. And it was already a seller’s market couple years ago, which is really fascinating to see the differences and the similarities quite honestly.

Active number of homes in the market

Active listings, this is the one day data sample. So what, on that day, how many homes were on the market at that given time? 595, two years ago, 285 last year and 229 this year. So again, we’re just really, really crunch of our homes. I mean, 229, the entire county. That’s why prices are going up.

I mean, this is already low 595 was already low. I mean, which is only three months of inventory here, which I’ll explain in a second, but wow, we are, if you’re just looking to, you know, invest or you’re looking to just move down the street, just because, you know, be careful, you know, would be on your toes. You have to have good people advising you to, to know what to do and when to do it. And that’s why we put out this content and this to you, hopefully it’s valuable to you so you can make appropriate decisions for you and your family.

Month of inventory

Months of inventory is that the rate homes are selling. How long would it take to sell every last home if no new homes hit the market? So we had 3.15, two years ago, which is still basically you know, really a hot seller’s market.

And then 1.42 last year, 1.56 this year. And just give you context. One to three months is a seller’s market. Four to six is a balanced market. And seven plus is a buyer’s market. Meaning there’s a ton of inventory and prices have come down. So you can see, we are in the throws here of you know, six weeks of inventory. Every home, if homes came to market six weeks, everything would be gone off the market. That’s just that pace. I don’t know how for years been saying, how can this keep up? We’re in some remarkable times, buckle up.

New homes in the market

New listings, this is your month wide data. So 271 in the entire month, two years ago, 206 last year, then 218 this year. So again, not getting much better. Um, we are, you know, it’s a struggle. There’s no other way to say it other than it’s a struggle right now. You know, we really feel for buyers and investors and people are trying to do good in the community, you know, fix communities up, move into areas, you know, start new chapters of our lives. And, it’s tough. It is incredibly tough whether you’re selling cause then you’re trying to go buy somewhere. It’s people just logging it out. New listings, this is the, um, sorry, we just did new listings. Losing my mind here,

Price per square foot

Price per square foot. This is, you know, you take this number right here and then you multiply the by the square footage and give to approximate what your value is of your home, but more important. You wanna see the trend or you wanna see this growth, obviously we’ve had the real growth in the last couple years because of the low inventory. But if you, you know, this is a countywide number, remember, so if you want an actual number, an actual value on your home, you have to have a professional, an appraiser or someone on our team. Someone’s been doing it for a decade, come in and, and give you evaluation on your home. So you can actually see where you stand. And so we had a $144, two years ago, $169 last year and $188 square foot this year.

Sold

Then the sold listing things. This is people actually sitting at the buyer’s table or at the closing table, actually signing on their properties and closing 189, two years ago, 201 last year and 147 this year. So again, another dip this year and it’s, you know, there’s not much to buy. So that’s why the number dipped quite honestly, but people are just buying everything. They can buying everything up in sight and the prices are going up because people are bidding up. Anything that’s left. I don’t know how this sense.

I don’t know how this ends other than, you know, massive interest rate hikes, 10% interest rates, 15% black Swan events. I don’t know. I don’t know how this changes. There’s not builders necessarily building. You know, people are saddled with student loan debts, which, you know, isn’t helping people, on either side of the fence, quite honestly. So we are, we are really in the depths of period we’ve never seen before, really in economics with negative interest rates, real negative yield and nominal negative yields around the world, I should say. So we are in, we are in the throes of never before seeing time. So, if this, you know, the content we provide provides you any value, please, you know, give it a like, share it, maybe tag someone who might benefit from it as well. And we appreciate your time, your attention, your energy, cause it’s the most important asset we have. And, I love giving this stuff to you guys. I’m, I’m a data person and the data tells a story, numbers tell a story as Robert Kiosaki always says. So, appreciate you guys. We’ll see on the next one and let us know if you have any questions and we would love to answer them as well. We’ll talk to you guys soon.