Hey, what’s going on guys. Brandon here Mitten Made Properties. We have your July, 2022 real estate market update. Let’s jump right into this.
We actually have, we have some weird data, a couple little bit. We had some big changes in the MLS systems at people are using in Metro Detroit. So I have really some wonky data. So we really didn’t do the market updates just because so much of the data was skewed. However, It’s getting them back to normal now. So we’re starting them back up again after two month hiatus. So appreciate the patience I’ll jump right in. So I always give three years of data, cuz the trend is your friend. You wanna see three years and one year wouldn’t make any sense, right? And we have the month in arrears The month just finished July So now we have that data is hot in the press, ready to roll. Let’s jump right into this.
Days on market
Days on market is average days on market, obviously For a listing, that’s on the market 46, two years ago, 16 last year and then 22 this year. So, obviously last year was very, really big sellers market and we’re seeing a little bit less now with the tightening going on from the fad, et cetera.
Active number of homes in the market
After, number of homes, this is at the day the data was taken. It’s a one day data sample. So how many homes were active at that time. 580 two years ago, 539 last year and then 9,286. So you can see the data in a couple of these are a little bit wonky. So bear with us here, but kind of get flushed out here.
Month of inventory
A month of inventory. This is the rate the homes are selling. How long would it take to sell every last home with no new homes at the market. So this was 0.96 two years ago. 1.07 last year and then 21.8. Again, these are the two, you know, wonky numbers to just bear with us. And again, just to give you context, one to three months as a seller’s market, four to six is a balanced market and seven plus of buyers market, meaning there’s a lot of inventory and no buyers.
New homes in the market
New. So this is a number of new listings that came on the market the entire month. Just to give you context here. so it’s a month wide number, Not the Active home one day, number. So, 705, two years ago, 777 last year and then 715 this year. So again, We’re seeing a little bit less homes come on the market here back toward kind of 2020 numbers, which is interesting to say the least,
Price per square foot
Price per square foot. This is you taking your square footage, multiplying it by the, dollar amount here and then multiplying buyer square footage. You’ll get you approximately the value of your home, but it’s just a rule of thumb. Remember, this is countywide. So if you want an actual valuation in your home, you have to have someone on our team or appraiser or someone actually come value your home $111 per square foot two years ago, $127 Last year and $155 a square foot this year. So again, big jumps up in the square footage.
And then sold. This is the kind of the buyer stats seeing how many buyers are out there. 604 sold properties, people that sign in the dotted line in a closing office two years ago, 506 last year and then 426 this year. So again, we’re seeing big drop off because of demand, destruction, all kinds of crazy whip song in the markets where we’re seeing this trend go down. We’re seeing less listings come in the market. We’re seeing less close. They are really constricting the markets here.
And when I say they are the elites. The elites are playing a game with us and we got to hold on. It’s a bucking Bronco. We’re trying to get bucked off. So stay with us. They’re gonna have the other counties here in Metro Detroit month to month, like I said, we’ve doing this for six years, seven years doing these market updates. To give these to you guys, to give you timely information, please, please, please heed this information to make the best decisions possible. If you have any questions, need any help, please reach out to us, our team. We would love to help. And again, your time, your attention energy is the most important thing we have. This was the July update for Genesee county. Appreciate you guys. We’ll see you on the next one.