July 2019 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County Market Update for July 2019. So let's jump right into this. I always prefaced every single video with a couple of things too. We have three years of data that we can see the trend. You want to be able to see the pattern to see what exactly is going on. And then we have the month previous because all the data is now in. We can give you exactly what's going on and show you what the trend is. So that way you can make the best decisions for you and your family. So let's jump right into this thing.
Days on market
We had 42 days on market two years ago, 36 days on the market last year and 38 days this past July. Remember, this is countywide data. So take it with a grain of salt.
Active homes on the market
Four hundred seventy-eight homes, 695 last year, and then 925 this year. So this is one day actually. So when the data was taken, this was a one-off basically. So take that with a grain of salt as well. We'll see a little bit more how it plays out here going forward.
Months of inventory
So at the rate that homes are sold, how long would it take every last home to sell if no new homes came on the market? To give you a little perspective - one to three months is a seller's market. Four to six is a balanced market and then seven plus is a buyer's market. As you can see, really heavy sellers market trending a little bit towards a balanced market, but still a heavy as at 1.8 actually. So it's still a heavy sellers' market and the price is increasing. Obviously you're gonna see down here in a second. So everything's trending still in that seller's market direction.
New homes in the market
This was the amount of new active homes that came onto the market in that month. This is a month-wide number - 793 two years ago, 772 last year and then 718 this past July. You can see the trend downward actually fewer homes over the last couple of July's that were active and listed on the market. Not exactly what we want to see. We want to see some of these numbers kind of coming back up again a little bit like this, but that's just kind of the market we're in. We're very tight in inventory.
Price per square foot
This is countywide. Again, remember if you want a real appraisal in your home, you need to get an appraiser, you need to get a real estate professional, someone in our team to come look at your home and actually walk through it, look at the neighborhood you're in. This is countywide data. And if you multiply this number by your square footage, it gives you about what your home is worth probably better than Zillow and all that garbage out there. So do that quick math. You get about the ballpark of what your home worth. Price per square foot was $96 a square foot two years ago, $98 last year and $102 this year. So again, the trend going upward, prices going up, inventory down, just simple supply and demand.
Sold
This is the buyers' stat we have and this is the number of closed transactions, people at the closing table closing at homes. Six hundred forty-seven 2 years ago, 520 last year and 508. So again, a drop. We've had lower inventory last few months, we've had lower closing subsequently obviously. Right? So again, these are trends that we've seen a couple of days on market go up and a couple of this kind of go up a little bit, but most of these are trending down still. Less inventory, less time on the market, things like that. So it's just we still are in that sellers' market and there's really no signs of that slowing down.
So I hope you guys appreciated this. Let me know if you have any questions, comments, concerns. If you're on the podcast, please come to @legacygroupMI, on the Facebook channel so you can comment on this or the YouTube Channel (@legacygroupMI), and let us know what you think. As I said, we try to get in and get out with ease within five minutes so you can have your data in your county and know exactly what's going on. So I appreciate you guys, your time, your energy. It's the most important asset we have. We'll talk to you soon.