July 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County July 2019 Real Estate Market Update. Let's jump right into it. I always preface with a couple of things here. We have three years of data that way you guys can see the trend. If we don't have the other years, you're not gonna know what the trend is. It's not gonna make any sense if you're just seeing as data. Right? And then we also had the month previous, we go in arrears because we now have all the data. The month is finished. It's close. We have about all the numbers and now we can give you the data. So we're gonna try and get this done within five minutes here that way you guys can get your information, get in and get out. So let's roll.
Days on market
The first one - 43 days on the market on average two years ago, 30 last year, and then 35 this year. So again, a little bit of uptick. Just so you know, Livingston doesn't have massive amounts of homes sold compared to Oakland or Wayne County. So the sample size is a little smaller, the numbers vary more. But again, a little bit of a trend up there. We like seeing that a little bit, right? Not as much of an inventory shortage, more balanced market for everybody.
Active homes in the market
Eight hundred thirty-seven homes two years ago, 774 last year and 875 this July. This is a one-off stat. So at the time, that data was taken, how many homes are on the market that day? So again, take that with a grain of salt. We want to see the trend more than anything. That's what we're looking at.
Months of inventory
Months of inventory is at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market? So just you guys have some perspective - one, three months is a seller's market, meaning sellers are the ones making out and really benefiting. Four to six months is balanced. Then seven plus is a buyer's market where the buyers are the ones really had the leverage. That means there are more homes in the market, et cetera. So we had 2 two years ago, two months inventory last year, and then just under three. We're about 2.8 now as well. So a little bit of an uptick which is good, a little bit closer to that balanced market, which is a good thing to see.
New homes in the market
This is a month-wide stat. How many new listings came onto the market in that month? So, 594 two years ago, 558 last year and 555 this year. We have had, again, a little bit of a decrease in the number of homes listed. Going forward we're going to see how that plays out. And that's why we see fewer closings because that's been the trend over the last few years. Just fewer homes in the markets. So there are fewer homes to be sold, right?
Price per square foot
One hundred forty-one dollars a square foot two years ago, $147 this past year, and then #161 in July here this year. We want to see this trend is trending up. If you multiply your square footage by this number right here, that's gonna give you a ballpark of what your home was worth. Remember, this is a countywide stat, countywide data. If you really want an actual evaluation on your home, you need to consult a professional and appraiser or someone on our team, a real estate professional that way you can get your actual value. But this gives you an idea. More importantly, we want to see that trend. Again, we want to see where the county is going, where your home values are going, and we can see that it obviously is going up and we've had less inventory, right? Less inventory as the prices are rising.
The last one here is really a buyer statistics. It's showing us how many buyers are out there. It generally doesn't change too much unless there's a huge catastrophic event. It has changed a bit here. As I said, there's not a ton of data in the county, so that's why the shifts are a little bit more drastic. Sold was 403 two years ago, 314 last year and down to two 96 that this July. So just fewer homes all around. Fewer homes were being sold. A lot of uncertainty in the markets right now. Obviously interest rates are all over the place. They went down as you think that it would spur movement. But it's just that there's so much uncertainty right now and there are so many things going on. People not being able to afford homes. We're in a very weird time right now. Truth be told. So I'm sure most of us are feeling it at that point. I think most homeowners are feeling just that weird timing in the market right now.
So I hope this was beneficial to you guys. If you know anyone who's living in Livingston, please share with them and tag them. Hopefully, it's benefited you in some way. I appreciate your time, your energy. It's the most important asset we have. If you're on the podcast, go to @legacygroupMI, on our Facebook channel or Youtube and go comment there. We love all your comments. We get a ton of them offline, but please you if you can, if you feel so inclined, do them on there. That way we can answer questions for people and help the most amount of people possible. So I appreciate you guys, your time and energy. We'll see in the next one.