June 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County June 2019 Real Estate Market Update. Let's jump right into this thing for you guys.
We always preface every single video with a couple of things. We have three years of data that way you can see the trend. You've gotta be able to see which way the market is moving. If we give you one year of data it would not make any sense. So we do that and we always do the month in arrears. That way we have all the data, all the data is finalized, it's out. Now we have it for you. So let's jump right into this thing.
Days on market
It's the average number of days on the market, 43 days on market down to 30 last year and then back up to 42 this year. So again, we're seeing a little bit of an uptick here on days on market and inventory.
Active homes on the market
This is just a one day sample. So how many homes are active on the day of the date it was taken? Eight hundred thirty-seven two years ago, 774 last year and 794 this past June. Again, a little bit of uptick showing a little more homes in the market. Remember when there's more supply, prices tend to drop going forward. They're not going to right now necessarily, but they could be going forward a little bit.
Months of inventory
Months of inventory is at the rate homes are selling, how long would it take to sell every last home with no new homes coming out in the market? So you can see here, it's pretty fast, 2-2 in the last two years. And then 3 this past year. It's just below three actually. But just so you guys have an inkling as to what that means. One to three months is a sellers' market. Four to six is a balanced and seven-plus is a buyers market. So that means there's a ton of homes in the market and there's not as much demand. So prices are really dropping. You can see a sellers' market. The prices are still up a bit. Sellers still have leverage. It's still a sellers' market and it has been. So, it's starting to trend a little bit differently, but it still is that sellers' market.
New homes on the market
Five hundred ninety-four two Junes ago, 558 last June and 522 this past June. So again, we can see that there's actually a little bit of a decrease in the number of homes in the market in Livingston County. So, just kind of says why we do the data that way you can see the pattern. You can see trends. You can see which way things are going. If you're thinking of selling or buying, you know how to position yourself appropriately.
Price per square foot
This is a countywide measure, countywide stat. So take that into consideration. $141 a square foot two years ago, $147 last year, a square foot, $153 a square foot this year. So again, prices are rising overall as a county. If you need an actual evaluation of your home, you have to have a professional come to do it for you. You've got to have someone on our team, an appraiser come and do it for you and make sure that they're taking everything into consideration. This is a countywide stat, so if you took that square footage, multiply it by $153, it'd give you approximately what your home would be worth if you were in Livingston County.
Number of homes sold
Four hundred three two years ago, 314 last year and 304 this past June. So again, a little bit of a decrease in homes that are being sold and closed on. And that stat is trending down, you usually don't see too big a jumps in that. However, we've seen a 25% decrease in the last two years. Just not a ton of homes and there's just not a ton of closing. So, it's almost deflationary in a way, or it just kinds of grinding to a halt almost. Just interesting data going forward as to the fewer homes and being listed in Livingston County. It will be interesting to see in the month coming ahead. What Livingston County looks like. So still a sellers' market though. So anyway, there's not a ton of homes in the market so sellers are getting good prices.
I appreciate you guys, your time, your energy. It's the most important thing we have. If you guys were listening on the podcast, go to @legacygroupmi at Facebook or YouTube channel to question, comment, concern. I appreciate your time and energy. We'll see you guys in the next one.