July 2019 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County July 2019 Real Estate Market Update. Let's jump right into these things.
We try to get this thing around five minutes, under five minutes so that way you can get in and get out and be on with your day. So let's jump right into this thing. I always preface the videos with two things, the market update videos. We do the month in arrears because the month has come to a close and we have all the data now. It's hot off the press. We can give you the freshest data for you and your family to make the best decisions for you. We also have three years of data that way you can see the trend. If you just had this, it wouldn't make any sense, right? So we have three years of data. That way you can see the trend and I can explain it easier that way. So let's jump right into this thing.
Days on market
Anytime you see DOM, that means days on market. In this case, this is average. So this really is average days on the market. Thirty-seven days on market two years ago, 31 last year, and then up a little bit to 33 this year. So pretty steady. It's good. It's a really good place to be. Just over a month on market on average and again, remember these are countywide.
Active days on the market
This is a one day stat, so this is a one-off. This is at the time data is taken, how many homes are active on the market at that time? Five thousand forty-seven two years ago, 4,340 last year and then up significantly to 5,650 this year. Take it out with a grain of salt. It's interesting to see the trend, but we got to see the rest of the numbers to kind of see what's going on.
Month of inventory
This is a nice ratio to see very quickly where are we at in the life cycle of real estate. I'll give you some context here in a second. What MOI really stands for is at the rate homes are selling, how long would it take to sell every last home on the market with no new homes coming in the market. So what this means here, and just to give you context is one to three months of inventory is a sellers' market. Four to six is a balanced market and then seven plus is a buyers market. So seller's market meaning what we're in right now, obviously we have low inventory and higher prices. Then you have like a recession or depression, you have a ton of homes out there. And you have depressed prices cause there's tons of supply, right, and not as much demand. So that gives you the context of where. Two months of inventory two years ago, two months this past year, and then three months this July. So again, a little bit of an uptick, but really not much. Hopefully going towards more of that balanced market so everyone can kind of benefit. But we will see how that plays out.
New homes in the market
Now, this is a countywide number. This is how many homes were listed, new active listings coming on the market in that month. So two years ago we had 3,797, we had 3,477 last year and then back up again a little bit 3,712 this past July. So good to see back towards 2017 levels up again a little bit. That's hopefully good going forward. A little more balanced in Wayne County, which is really nice to see.
Price per square foot
This is an average again and remember - it's countywide, but it gives you the trend. You can see that the county overall has been trending up and has been doing this in all the counties. Really in all the months here, this has been trending upward. We have less inventory, so prices are going up. If you take your square footage and multiply it by this, it's going to give you a ballpark range of what your home is worth. If you want your actual valuation on your home though, you have to speak to a professional, an appraiser or a real estate professional. Someone on our team, you have to talk to somebody to get an actual appraisal of the home. But $89 a square foot two years ago, $94 last year, and then $101 this year. So again, going up, trending upward, more equity in homes for homeowners.
Sold
This is the buyer's statistics. So this is the number of closings. People actually writing and writing their name and signing and closing on a home. This really shouldn't change all that much. It really only should change when there are big catastrophic things like depressions, recessions. We did have a dip two years ago, 2017 going to 2018 because of the real lack of inventory. But again, kind of stabilized here over the last year or so. So 2,430 two years ago, 2,103 sold homes last year. Then 2,037 this year. So again, a little bit of decline, not much. it's good to see that kind of stabilized a little bit even with the lack of homes in the market.
I hope you guys got something out of this. If you know someone in Wayne County, if you're in Wayne County, please share, tag someone that might benefit from this. I appreciate your time, your energy and just being here with us. It's the most important asset we have. So I thank you for that. If you're on podcasts, go to @legacygroupMI, go to Facebook or our YouTube channel to comment, questions, or concerns there and we love answering those. We get a ton of feedback but it's usually not in the public forum, but we want to try to help as many people as possible. So please go there if you can, if you feel inclined, that way we can help as many people as possible. So I appreciate you guys want anything in tuning in, get in, get out within five minutes or so, get your data and get on with it. So I appreciate you guys. We'll see you on the next one.