July 2018 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County Market Update for Real Estate in July 2018. The reason we do the month previously is that we have all the data. The month has now ended, it’s complete. Now we have all the data so we can give you the most accurate up to the information and the reason we have three years of data here is because, if I just gave you this year, wouldn’t make any sense to you. So we’ve got the three years that way you can see patterns. Robert Kiyosaki, one of my biggest mentors, his rich dad always talked about numbers telling a story. Just like you know, your family has numbers of profit and loss and asset and liabilities and the business has the same thing. The financial statement got the numbers. They all tell a story, right? Just like the market update, the market stats, they tell you a story about the housing market and what’s going on.
So let’s jump right into this.
Days on Market
You might see ADOM or CDOM, don’t worry about those things. Just take the highest number, basically, this means days on market and again, we see a decrease here for the last couple of years. Again, alluding to what we’ve been seeing now for a long while, a couple of years is the seller’s market we’ve really been in.
Active Homes in the Market
Again, decreased, pretty self-explanatory and the number of active homes currently on the market and Livingston decreased
Month of inventory
Stayed fairly stable. MOI stands for months of inventory and months of inventory means that at the rate homes are currently selling, how long would it take to sell every last home if no new homes coming to market? So to give you context, about four to six months, that’s about a balanced market. It’s about as balanced as it can get. Anything above that, you know, eight, 10, 12, 15 months of inventory, that’s a buyer’s market. So in a lot of houses out there, not as many buyers. So right now you can see it’s a fairly strong seller’s market and again, the rest of the numbers kind of bear this out. We see this month after month, county after county right now has really been for about two years now. This data has all been trending this way as we’ve seen from 2016. A lot of these numbers have been trending this way.
Price per square foot
Price per square foot is 131 to all the way up to 152. So again, a very big jump over the last two years in price per square foot. Again, this is a countywide number, this not, you know, city by city, street by street, you know a hard and fast number. If you really want a true analysis of your home and what this is, you can take this number, multiply it by your square footage, and you can get about the value of your home. But if you want a true analysis of your home, we really need a professional to come out. You need an appraiser or a real estate professional to come out, give you an analysis of your home, show you what you’re looking at because this is a countywide number. So take it as a rule of thumb, I really want everyone to see the pattern as to what’s going on here. The price is climbing, overall.
So this is the buyer stats. Last one here is really the buyer pool and again, the numbers decreased a little bit, not incredibly much and the percentage change is somewhat something to note, but this is again the buyer pool. The buyer pool usually doesn’t change too, too much unless there’s a catastrophic event, something like that. But we have had a little bit of a squeeze and the buyers have been feeling and it looks like a little bit over the last month or so to really kind of doesn’t matter where you’re at. Just they’ve been feeling the pinch a little bit more, interest rates going up. People have been thinking about, you know rethinking things a little bit. So we’ve seen a tiny bit of a dip here over the course of the last month.
So I hope this information is something that you guys can use to make better financial decisions for you and your family. I hope that if you know someone in Livingston County that you can share it with them, tag them, let them know and hopefully they can get something out of it. Like I said, our team, my real estate team, our goal is to get as much knowledge and information and value out to our clients and potential clients and future clients as possible. So I appreciate your time and energy. It is the most important thing that we have. I appreciate that. Also the rest of the Market Update Videos for other counties in Metro Detroit, you’re going to see them on the timeline here on Facebook and our YouTube channel. You can go there at Legacy Group MI, you’re going to see the Market Update Playlist the last couple of years. Last you know three years I think we’ve been doing these market updates. You can see all that data and get a great idea as to what’s going on, so I appreciate you guys again, look forward to seeing you soon.