July 2022 Real Estate Market Update – Wayne County, Michigan
Hey guys, Brandon here, Mitten Made Properties. We have your July, 2022 Wayne county real estate market update. I always preface with a couple things here. We have three years of data, cause the trend is your friend, and we want to be able to see the, what it is compared to each other, cuz one year data wanna make any sense. And we have the month in arrears because the data is hot at the press. The month was wrapped up, ready to go. So let’s jump right into this.
Days on market
Days on market 43 days on market two years ago, 20 last year and 22 this year. So again, big decreases there.
Active number of homes in the market
Active number of homes in the market. This is a one day data sample. So how many homes from the market that day? The data was taken at the wrap of the month, 4,052 two years ago, 3,188 last year. And then we didn’t do our market updates the last month or two because of some really wonky data. The MLS they’re changing the technology on us, who knows what’s going on. And the data’s been really wonky, starting to get better, but we have two really crazy data points here still. So bear with me 58,000. So again, we’re not even not even talk about it.
Month of inventory
Months of inventory, this is the date, the rate that data, the rate that homes are selling, how long would it take to sell every last home if no new homes came on the market. And just to give you context, one to three months is a, a seller’s market four to six months is a buyer or 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. 1.7, eight months of inventory. So you know about seven weeks of inventory two years ago, again, last year, 1.7 and this year again, you know, so it just gives you a really quick ratio to see what kind of market run. But again, we are in and you’ll see the numbers flush us out though for this year where it’s still in a steep sellers market, even though demand is decreasing a bit because of the demand destruction going out to fed and the rates of whip song back and forth.
New homes in the market
And then we have new, this is the number of new listings that actually came on the market the entire month, 3,184, two years ago, 3,168 last year, and then 3,149 this year. So again, we’re seeing consistently the same or we’re seeing a decrease in the number of homes coming on the market in July, going forward. We’ll see that in August data, which is again, I feel like a broken record things keep contracting. It’s just insane. What’s going on. This number used to be, you know, five, six, 7,000 a couple years ago. That’s the that’s what’s going. I should have 10 years of data to show you guys how crazy this is.
Price per square foot
Price per square foot, $112 a square foot. Two years ago, $130 a square foot last year and then $140 a square foot this year. So again, if you take that multiply by 140 by your square footage, it’ll give you approximately what your house is worth. But again, this is a countywide number. So if you want natural evaluation, you have to have someone on our team or an appraiser. Someone actually come give you evaluation on your home. The more important thing here is to see the trend again, see prices to continue to increase month over month, year over year here and then.
Sold
Sold. This is two parties coming, consummating, a transaction sitting at a closing table and closing on a property. It’s kind of a buyer stat, just showing what’s going on in the market here 2271, 2 years ago, 1,874 last year, and then 1,717 17 this year. And again, we’re seeing that contract with again, rates, the demand buyer demand slowing a little bit, and then just the contraction of the housing supply again is just less and less. That that choke collar is choking more and more of the market. And this is again, really hurting, you know, business owners, everyone investors the 51,
I just saw an article 51% of all small businesses say they don’t know if they’ll be able to make rent next month, bake their expense payments. So we’re in for a crazy time in the next six to 18 months, we’re gonna keep you up to date with what’s going on here in the micro with our market updates here, we’ll talk more macro and some other videos and what’s going on and how to prepare food crisis coming forward, get some food storage just prepare yourself, get resilient, get independent.
And this is going to help us weather the storm going forward because this is the next 16, 18 months, six to 18 months are gonna be crazy. I mean, the UN just came out saying that we’re one miscalculation away from nuclear annihilation, you know and these are their words. So let’s be prepared and let’s stay up to date, have great advisors, great network, great people around us. We can make the best decisions for us and our family. Appreciate you guys, your time, your energy. It’s the most important asset we have. We look forward to seeing you on the next video.