July 2019 Real Estate Market Update – Oakland County, Michigan
We have your Oakland County Real Estate Market Update for July 2019 so let's jump right into this. We're trying to get you in and out of here in under five minutes. So let's do this thing. I always preface every video with a couple of things. We have three years of data that way we can see exactly what's going on and you can see the trend. Remember "the trend is your friend," as we say in investor land. If we just gave you this data, it wouldn't make any sense right here, right? So we need to see all of these. That way you can see what's going on and see what direction things are moving. We also do the month previously, the month in arrears because we have all the data. The data is in now. Now we can give it to you hot off the press. We want you to be able to make the best decisions for your family, right? So we need the freshest data. We need to know exactly what's going on. So let's jump right into this thing.
Days on market
Anytime you see DOM, it means days on market. We had 39 days on the market and this is the average, 39 days on market two years ago, 32 last year and 38. So it jumped up again a little bit this year which is awesome to see. It means it's a little bit more balanced. That's why it's awesome because that's very low. So we want to see a little more balanced in our lives.
Active homes in the market
This is a one-off stat. So what it means is at the time the data was taken, how many active listings were there? Five thousand one hundred eighty-one homes two years ago, 4,868 last year, and then 5,818 this year. So what does that mean? That's a huge jump. Well, it could mean there's a lot of homes just sitting around. That's what it could mean right now. Sometimes one of the numbers of the 18 is a little bit of an anomaly. So we're going to see how the rest plays out here. I'm thinking that might be in a little bit of an anomaly.
Month of inventories
MOI, this is at the rate homes are selling, how long would it take to sell every last home? This is a very quick ratio you can use to know what kind of market you're in and how you know, I'm gonna give you a little context here. One to three months of inventory is a sellers' market. Meaning there is not many homes and buyers are really getting the screws put to them. That means the sellers are really making out. Then four to six is balanced. Then seven plus is a buyers' market, meaning there's a ton of homes for sale, prices are depressed and the buyers are making out. So that gives you an idea of where we're at in the market. Still, have you seller's market. It means it's about 2.65 right now.
New homes in the market
That is the number of active listings that came onto the market. New active listings that came on the market. So this is a month-wide number. Four thousand twenty-nine 2 years ago, 4,034 last year and 4,015 this year. Very even actually in the last couple of July's, however, still a little bit less than the last couple of years than these few years we're down here. So it'll be interesting to see going forward what exactly transpires here? It looks like there's already a ton of active homes on the market actually. Then there's even less though coming on this past month. So we'll see how it kind of evens out here going forward.
Price per square foot
If you multiply this number right here by your square footage, you're gonna get the ballpark valuation of your home. Remember though, this is countywide data. So if you need actual evaluations of your home, you have to have an appraiser or some type of professional real estate agents, someone from our team come look at your property and actually give you the value of your home because this is just a county-wide number. So, $126 two years ago, $132 last year, $135 this year. And again, what's important about this is seeing that trend, the trend of the county and the trend of the area, the trend of the region, things are going up. All these counties, all of the big five counties in Metro Detroit, they're all increasing going upward. So prices are rising, lower inventory, prices rising, right?
Sold
This is the number of actual closings, people sitting at a closing table and closing on homes. This is really your only buyer statistic to show you how many buyers in the market. This number usually doesn't change all that much and that's why you see it not change much from last year. Two thousand six hundred fifty-eight two years ago. Then we had a big decrease last year just because of the lack of inventory, 2,196 and then 2,192. Very similar to the last two years cause we just haven't had much inventory. So it's good to see that kind of stabilize and not go even lower. That is a good thing.
I hope you guys got something out of this. If you know someone in Oakland County, if you were in Oakland County but know someone else, please share it with whoever you think might benefit. Tag them in it. If you're on the podcast, please go to @legacygroupMI, on our Facebook and our YouTube channel. Go put your questions, comments, concerns there. We love answering them and we get a lot offline and a lot on email and stuff like that and which is great. We just want to try to help as many people as possible, so please put them in the public comments if you so wish and we can help more people that way. That's it, guys. Your Oakland County July 2019. Your updates get in, get out within around five minutes. So you guys in the next one.