June 2019 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County June 2019 Real Estate Market Update. Let's jump right into this thing.
I preface every video with a couple of things. We have three years of data. That way you can see the pattern. You need to be able to see the pattern going forward and remember: "the trend is your friend." So that's why we put this. If we had one year of data, it wouldn't make any sense. Also, we have the month previous, in arrears, we were doing everything in arrears because we have the data. The month is now closed. We have all the data. So, now we can give you everything fresh hot-off-the-press. So let's jump right into this thing.
Days on market
Forty-two days on market two years ago, 36 days last year, and then back up to 44 this past year. So we're seeing some jumps in the inventory this past couple of months actually compared to the last couple of years and really in all the counties. It's really interesting day-to-day to look at moving forward.
Number of active homes
Four hundred seventy-eight two years ago, 695 last year, and then up to 925 this year. So a lot of active homes seemingly on the market. I'm expecting some of that data to change when we get closer to the Metro Detroit area. But some real increase for homes in the market in Genesee County.
Months of inventory
Now, this is that time that it takes your home to sell. If no new homes came on the market, how long would it take to sell every last home? That's MOI. Basically just gives you a quick ratio and know what kind of market you're in. Right? So we had one two years ago, we had one month of inventory last year. We're now up to almost two months inventory this year. I just want to give you about what that means. So one to three months is a sellers' market. We're still on a sellers' market, obviously. Four to six is balanced. And then seven-plus is a buyers' market. So if you're in a crash or recession, like we had 10 years ago. We got 10, 15, 20 months of inventory. So it gives you an idea of what these numbers mean.
New homes in the market
The number of new listings that we're actively listed in the past month, basically. That's what new active listings are. So 793 two years ago, down a little bit to 772 last year and then up to 852 this year. So more active homes coming on the market this past June as compared to the last couple of years. So again, another uptick.
Price per square foot
Rule of thumb: this is a countywide number, countywide data. So take this with a grain of salt. You still need an analysis of your home. You need a professional appraiser, someone from our team to come out and do an analysis of your home because it just gives you countywide data. $96 per square foot two years ago, $98 a square foot last year and $101 this year. So again, the price is still going up. Remember, some of these are lagging indicators. So this is continuing to move forward with prices going up.
The number of homes - 647 two years ago, 520 last year and then 533 this year. This number doesn't change all that much unless there's a huge catastrophic event like a recession or something like that. But again, you kind of see that prices are still steadily increasing because again, it's a trailing indicator. A lot of times where this data is moving, it looks like there's more inventory. So you expect looking out a couple of months from now, a month to three months from now, this would maybe start decreasing the prices per square foot. But for now, it's increasing.
That is your market update for Genesee County in June 2019. I appreciate you guys watching these for years now, for three, four years. I think we've been doing these every single month. Giving you guys this data. We really love giving it to you. We just love the comments and the questions we get about it, just everyone's sending us stuff about the market updates. It's just something that you don't flip on the TV every day and see it. So you know what's going on in your area and you know how to act accordingly. I appreciate you guys more than anything. Your time, your energy. It's really the most important thing, the most important asset we have. I appreciate you spending it here with us. If you're on the podcast, go to legacy @legacygroupmi. On Facebook or YouTube, go check out the actual videos and put your questions, comments, concerns there. Appreciate you guys. We'll talk to you soon.