June 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County June 2019 Real Estate Market Update. Let's jump right into this thing.
We always preface everything with a couple of things here. Two things: we have three years of data that way you can see the trend. The trend is your friend. You want to be able to see where the market is going. If we give you one year of data, it wouldn't make any sense, right? Then we also do the month previously. We go to arrears. That way we can see all the data. It's finalized, it's out, it's good. Now we have it. Now we can give it to you. So fresh off the press. Let's do this.
Days on market
We have, anytime you see DOM, ADOM, whatever, it's just the days on market. Twenty-nine days on market two years ago, 30 last year and then 32 so steadily increasing actually. Small increases but increasing on the less over the last couple of years
Active homes in the market
This is now a one-day sample. The day that that data was taken, how many homes were on the market that day? So 1,414, two years ago, 1,273 last year and then 620 this year in June. Again, sometimes these numbers are a little bit weird. That, I mean, to be honest, the one that totally surprised me if that was the case, I'm thinking that number might be off a little bit. Sometimes reporting the data can get a little wonky. So just something to keep in mind here going forward as we go. However, I'm thinking that could be off. It wouldn't surprise me though. I mean, we're in a really heavy sellers' market, especially in Macomb County and we have them.
Months of inventories
MOI, that is the rate at which homes are selling, how long would it take to sell every last home if no new homes came onto the market? So how long would it take every existing home to sell? We've been at one month, the last three years, one month, one month, one month again this past June. It's a steep, steep sellers' market. Just to give you guys an idea, one to three months is a sellers' market inventory. Four to six is a balanced market and then seven-plus months of inventory is a buyers' market. That's basically showing you what kind of market we are in. A really quick, fast number of what we are doing, how fast this household market is.Really one number. That way you can get past having to see all these info in with just one number.
This is the number of new listings that came onto the market and are actively put on the market in that month. So two years ago we had 2,368. We had 2,213 last year and then 2,263. Pretty even actually across the board the last few years. So it's pretty steady. It's nice to see we didn't have a big drop-off in inventories though. That is good going forward. We're at least going to stay at that baseline, which is good.
Price per square foot
This is the rule of thumb for the entire county. This is countywide. If you need an appraisal on your home, you have to get an appraiser, get a real estate professional to come to see your home and actually give you something real substance because this just gives you countywide. If you multiply your square footage by $114 about where are you going to get. It gives you an idea of where your value might be. So $102 two years ago, $107 last year and $114 this year
Now, this number doesn't change usually too, too much, but it has decreased a bit over the last couple of years. One thousand six hundred seventy-eight two years ago, 1,437 last year in 1361 this year. Because of the lack of inventory, it has driven a number of closings down. So these are the number of closings people actually sitting at the table and closing on a new home. We actually have seen a little decrease there in Macomb County. Macomb County has really been hemorrhaging homes a lot over the last number of years. Really.
So that's it, guys. That is the Macomb County June 2019 Real Estate Market Update. I appreciate you guys, your time, attention, and energy as always watching these. Really do appreciate it a ton. I look forward to seeing you guys at the next one. If you've got questions, comments, concerns, if you're listening on the podcast, go to @legacygroupmi podcast or on Facebook or YouTube. Put your question there, your comment, concern, and now you'll get to it. So appreciate you guys. We'll see you on the next one.