January 2022 Real Estate Market – Macomb County, Michigan
I have your Macomb County real estate market update for January, 2022. We always preface with two things, you know, for the last five years we’ve been doing this every time we always preface with a couple things. We are three years of data that way you can see the trend, the trend is your friend, as they say in investing. And obviously if you just said one year data, it wouldn’t make any sense. So we have that. And then we have the month in arrears, we are going into we’re in February and we have January all wrapped up. So obviously now we can talk about that everything’s finalized and that’s why we have things looking backward. But again, when you take things all in a row and look at all things together, and then you start getting the patterns and the trends, it’s not necessary to know what’s going on right up this moment, because the beauty of real estate is it, it moves a lot slower than state stock markets or the crypto markets or things that are more liquid, the bond and, you know, debt and credit markets. So that’s the beauty of real estate. It’s very different than the other markets in that regard.
Days on market
So let’s jump right into this days on markets is DOM. Anytime you see this two years ago was 52,days on market, this past year, it’s 31 and then 31 this year. So, kind of leveled off here a little bit, Macomb. And, again, you can see various steep sellers market.
Active number of homes in the market
Active listings, this, this is the number of listings on that day. The one day data sample 1476, two years ago, 712 last year. Wow. In half the 909 this year. So not much different, a little bit up, but still not a lot of active homes in the market, still really struggling to find homes that are available, people looking to sell, cause then they’re having to jump into the buyer fray, which is not fun..
Month of inventory
Months of inventory is MOI here. And what that stands for is that the rate home are selling. How long would it take to sell every last home with no new homes coming on the market? And it was 1.62, two years ago, 0.75. So three weeks last year and then 0.95. So just under, you know, you’re looking at 28 days, 29 days there. And that is just for context. One to three months is a seller’s market. Four to six is a balanced market. And then seven plus is a buyer market. Meaning there’s a lot of homes in the market prices have come down. So you can see here we are in a steep, steep seller market. It’s a very quick ratio to see where we’re at in the market.
New homes in the market
New listings, this is a month wide number. So this is the, the amount of homes that came on new listings throughout the entire month, 1371, 2 years ago, 1,119 last year and then 1,192 this year. So again, we’re seeing a little bit of a, of an increase there just from last year, but not much. So again, you know, we’re still hemorrhaging for homes going forward. This’s gonna be very interesting to see how this plays out in the coming months towards the springtime.
Price per square foot
Price per square foot sold. This we wanna see the trend the, again, it’s your friend here. It’s not necessarily this one data point, cause this one actually is a little bit out of whack in this case, cause these are averages. Remember, so it’s, it’s not the median, it’s the average. So if you have, just arbitrarily hard, high prices for something there’s a couple, you know, 10, 20, 50 dollar million homes. So they can really skew the market when you don’t have tons of inventory. So we had $103, two years ago, $126 last year and $288 this year. You’re probably really legitimately looking at well, 140 to 150, something like that. So you can see just compared to other counties, the trend is going up. Obviously if you multiply this by your square footage, you’re gonna get your approximate home value. Remember this is countywide. So if you want an national evaluation, you have to call someone on our team, an appraiser, someone who’s been in the business for eight, 10 years, plus that can actually give you evaluation has seen hundreds and thousands of transactions and can give you an accurate number.
Number of sold listings. People actually sitting at a closing table was on a home 913, two years ago, 944 last year, 959 this year. So again, that hasn’t changed too much, everything, you know, people are just buying up everything. They can, everything possible. These people actually sitting on a closing table closing, and this doesn’t change too, too much other than black Swan events. So these numbers were higher before now. They’ve trended lower obviously because of the insane things that are happening in our world.
So, anyway that is the market in the Macomb county market update for January, 2022. I can’t believe it was January already. I appreciate your time, your attention, your energy, cause it’s the most important thing we have. Let me know if there’s anything else you guys would like to see in these market update videos. Anything else you’d like to add with, talk about, explain, and, we look forward to giving to you guys, so, appreciate you. We’ll see you on the next one.