June 2019 Real Estate Market Update – Oakland County, Michigan
We have your Oakland County June 2019 Real Estate Market Update. Let's jump right into this thing.
We preface every single video with a couple of different things. We have three years of economic data for you that way you can see the trend. "The trend is your friend." If we just give you one year of data, it would not make any sense. So one has to be able to see all that. We also do the month previously because we have all the data now. We're going to arrears and we have all the data fresh off-the-press. We can give that to you. The month is signed, sealed, delivered. So let's jump right into this.
Days on market
DOM, if you ever see that on a listing ticket or on a listing anywhere. Thirty-nine days in the market two years ago, 32 last year and then back up a little bit to 36 days on market this year.
Number of active homes in the market
Five thousand one hundred eighty-one two years ago, 4,868 last year and 5,613 this year. So this again is one day of data. So it's the number of active homes on the day the data is taken. So keep it as a rule of thumb. However, it's an interesting trend. That's almost a thousand more homes than last year.
Months of inventory
This is at the rate at which homes are selling, how long will it take to sell every last home without any new homes coming in the market? I'll give you a little chart here in a second to show you exactly what that means, put it into perspective. But we had two months of inventory two years ago, two months last year, and then still it's about 2.7 this year. So I just rounded up to three. We're trending up a little bit. We have more homes in the market. The chart actually really quick so just so you guys know - one to three months is a sellers' market. That means sellers have the leverage, four to six is a balanced market and then seven-plus is a buyers' market. That means the buyers have the advantage. Down here there's not a ton of inventory and there are higher prices. Then down here and that means there's a lot of inventory, there are lower prices.
New homes in the market
I don't think we did that. Four thousand twenty-nine two years ago, 4,034 last year and then 4,063 this past June. I mean that's incredible! I don't think I've ever seen three numbers, especially with that big of a sample size that closes together with new active listings. So June had been pretty steady over the last few years, which is awesome to see actually. We don't want to see that decreasing really anymore because it can just clog the market up. It's kind of deflationary where the market grinds to a halt and there are no homes for sale or there's very few.
Price per square foot
This is basically just taking it as a general rule of thumb. This is a countywide statistic. You take your square footage and you multiply it by this number, it'll give you about what your home is worth. But remember, if you wanted true analysis, you have to talk to a real estate professional, someone on our team, an appraiser, someone who can give you an actual value of your home, take the whole neighborhood, everything you've got going on in your hood or in your home and give you that value. The price per square foot two years ago was $126, $132 last year and $138 this year. So remember not a ton of inventory in the last few years. So that makes sense that the data is rising. It makes sense that we are seeing that number go up still because again, that number kind of lags as well. If we had a few months of down inventory than we expect to see that number start to go down. It'll take a few months.
Number of sold homes
This is the number of closings, be able to actually sign on the dotted line and close on their home. Two thousand six hundred fifty-eight two years ago, 2,196 last year and 2168 this past June. So again, similar to last year, which was good. We don't usually see too big jumps. We don't usually I should say, we don't usually see a big, big jump in that number unless there's a catastrophic or economic recession or something like that.
That's it, guys. That's Oakland County for June 2019. As I said, I'm trying to bring you guys these, bringing you guys these videos faster and more efficiently than we can get in, get out, get what you need, see which way do the trends are going and make decisions for you and your family that fits you the best within this market that we find ourselves in. So I appreciate you guys more than anything. If you have questions, comments, concerns, go @legacygroupmi, on our YouTube Channel, on Facebook. If you're listening to a podcast, go there, put your questions, comments, concerns there, and we would love to answer them and see what you guys are chatting about. So appreciate you guys so much. We'll see in the next one.