Hey guys, Brandon Gentile here, Mitten Made Properties. We have your July, 2022 Livingston County real estate market update. Let’s jump right into this. We always have three years of data because the trend is your friend. If we have just one year of data, wouldn’t make any sense, right? So we want three years of data and we have the month in arrears because now it’s done, it’s signed, sealed, delivered. We’ve got it. Data hot off the press. Let’s jump right into this thing.
Days on market
Days on market DOM, anytime you see that, all that means is days on market. 38 days on market two years ago, 25 last year and 16 this year. And again, you’re gonna see some wonky data a little bit that’s why we had some really wonky data cause MLS systems are changing here. So the last couple months we didn’t put out last month or two, we didn’t put out data on market updates because it was just all over the place. But now it’s starting to get filled in here. So bear with us.
Active number of homes in the market
Active number of homes in the market. That’s a one day data sample the debt. The data data was taken. How many homes are listed on the market? 647 two years ago, 461 last year and 6,800 on this year. So again, bear with us on that one.
Month of inventory
This is at the rate homes are selling. How long would it take to sell every last home? And just you need context one to three months is a seller’s market. Four to six is a balanced market. Seven plus is a buyer’s market mean there’s a lot of inventory and there’s no buyers out there .1.75 month two years ago, 1.43 last year. So again, about six weeks of inventory last year, 26 months of inventory here this month. So again, bear with us in those couple stats right here but again, it kind a gets flushed out here with all the other data. You’ll see.
New homes in the market
So new. This is the number of new listings actually hit the market during the entire month, this time. So 466 two years ago, it’s 460 last year and then only 393 this year. So not great news coming forward. Again, less inventory on the market, which is really, really not awesome for buyers and really constricting the market and grinding it to a halt. It’s good for the few sellers that are out there. However, a lot of them are jumping in the market and being buyers which is not good. You need some liquidity in the market, real estate already, as illiquid as it is. We need that fluidity. We need the joints greased up. So that way we can be a little more liquid.
Price per square foot
Price per square foot is $167 square foot two years ago, $193 last year and $205 this year. So again, you see the trend is the important thing here. It can prices continue going up because the illiquidity in the market. And again, if you take this and you multiply it, I should say right here across the county, multiply it by your square footage. You’re gonna get approximately the value of your home. However, that’s the county wide number. If you want a true valuation, you need someone on our team or you need an appraisal or someone actually come and give you a value on your home.
Number of sold. This is the buyer statistic, really kind of showing us the buyers that are out there. People actually sell selling home, closing on the property two parties coming together 362, two years ago during, during the pandemic 323 last year and 256 this year. So again, we’re seeing that contraction again.
Appreciate your time, your attention, your energy guys and being with us is the most important asset we have. If you have any questions on this, please drop them in here @Legacy group MI on our Facebook and our YouTube channel, the Livingston county report for July, 2022. And again, if you need help with any of this, or, you know, someone needs help, please reach out to our team and we can assist you. We look forward to seeing you on the next one.