July 2022 Real Estate Market Update – Macomb County, Michigan
Hey guys, Brandon here, Mitten Made Properties. We have your Macomb County, July, 2022 real estate market update. And we always preface with three things. We have three years. The trend is your friend. You wanna be able to see all the data? Cause we just have one year. It wouldn’t make any sense. We have the month in arrears because the month is done. We have all the data signed, sealed, delivered, ready to go. So let’s jump right into this.
Days on market
We have days on market. Anytime you see DOM, it’s 36 days on market two years ago, 15 last year and then 16 this year. So again, market is still still flying. And again, we’re gonna see, we didn’t do our market updates for the last month or two, just because we had some wonky, really wonky data. MLS is just kind of getting switched the technology. So it really skewed some the data, but now it’s kinda get slotting getting slotted in, but we got two bullet points, two data points that are still off so bear with us.
Active number of homes in the market
Active number. This is a number of listings actually on the market at that given time, the data was taken so 1,207 last or two years ago, 1,086 last year, and then 20,000 this year, again, bear with us.
Month of inventory
Months of inventory is 0.75 two years ago, 0.8 last year. So less than four weeks of inventory and then 17. So again, bear with those two data points. And again, just to give you context, one to three months is a seller’s market four to six months is a balanced market. And then seven plus is a buyer’s market. Meaning there’s tons of inventory and there’s not a lot of buyers out there. So you can see we’re, we’re still entrenched in a big seller’s market. However, things are really changing because of the fed tightening and interest rates going crazy in the illiquidity of the market.
New homes in the market
New, this is the number of new listings that actually came on the market that month. So this is a month wide number, 1,994 two years ago, 1,996 last year, and then 1,902 this year. So again, we’ve seen very consistent July, about just under 2000 homes coming on the market going forward. So again, good to see some consistency there, at least in a sea of inconsistency we’ll say.
Price per square foot
Price for square foot. This is, this is if you can take your square footage and multiply it by this number, it’ll give you a rule of thumb valuation on your home. Again, this is countywide. So if you want someone to actually come someone on our team or appraiser has to come and actually value your property, if you want to get a true valuation, this gives you just kind of that gauge to see where you’re at. And really more importantly, the trend to see equity in the homes is obviously increasing price of square foot. Again, $127 square foot two years ago, $150 last year and S226 this year.
Sold
Sold. Our last one here is really the two parties coming together by your seller and coming consummating, a transaction 1,618 two years ago, 1,351 last year and then 1,147 this year. So again, we’re seeing old drop off in the speed of velocity of which homes are selling. Again, this is because of liquidity crunch just credit, you know, decreasing everything really kind of contracting, grinding to a halt. So we will monitor this closely because I think we’re in for some real fireworks over the next six to 18 months here in the markets and you know, potential fed, pivots things taking back off again cuz we’re gonna have to at some point, cuz this is we’re in a debt based system, the dollar is debt. It’s not backed by anything. It’s not back to a Bitcoin or gold silver. It’s not backed by, you know, natural gas or oil. It is debt. So we have to spin the printing presses back up, which they are doing the background actually. That’s why you see the 10 year yield go up to 3.5% yield and then come back down to 2.5 just this week.
Lots of craziness, it’s gonna happen. So buckle up, let’s put our seat belts on strap in and we will be here to show you guys the craziness going forward. And again, we appreciate your time. Your attention, your energy is the most important thing we have. This is the Macomb July, 2022 update. And if you have anything, you need questions, comments concerns, please put them in here. Reach out to us. If you need some real estate help, we’ll be glad to help out and navigate these crazy crazy markets. We look forward to seeing you on the next video.