Hey, What’s up guys, Brandon Gentile here, Legacy group real estate team. We have your livingston May 2018 market update. Let’s jump right into it
So, we have as I say this every time for the last couple of years. But I explain because I get a lot of question like Brandon why you are doing May and its June and why you have three years of data in total. And the reason we do this is that we have now all the data from May. So we have all the data now and then the month has ended. Just like the jobs report for the united states comes out first Friday of the new month. We do the same thing. So its first Thursday of every month. So, we have the May 2018, we have three years of data because we want to see patterns, numbers tell us a story.
So if we had only one year and we didn’t have this other data, I can tell you about it but it would be a bit harder to understand but now seeing these numbers and walking through it , it’s going to paint a better picture that way you can make better decisions for you and your family about buying or selling a home.
So let’s jump right into it.
Days on Market, if you see this DOM or ADOM (additional Days on Market) or CDMA (Cumulative Days on Market) all that means is days on market in essence. So that confuses peoples some time but that’s all that means. 54, 46, 35 that is a huge drop over the last two years. Basically, 10 days drop on average for days on the market. For homes list on the market. SO just over a month average. It’s incredible. And a huge drop over the last two days prior. So that is really mind-blowing, we have some numbers here that are pretty incredible and showing us how much of a seller’s market it is.
Active Homes in the market: 932, 734 and 668, So not many active homes in the market. This was kid of a lower inventory time as we can see we are into only three months of inventory and now it’s down to two. 932, this is a huge drop, huge huge drop. And again, this is a number of months of inventory, MOI, this is at the rate homes are currently selling, if no new homes come into the market, how long would it take for every last home to sell and leave the market. A balanced market is about 5, 6 months of inventory. So we are already in a pretty good seller’s market and the inventory continues to drop and the inventory continues to drop, buyers haven’t changed much and people are looking to buy and this is making prices go up as you are going to see down here.
New homes in the market…632, 588 and 544. So fewer homes coming in the market in May, again another pattern we are seeing continuously over and over again.
Price per square foot:
This is the average price per square foot, so if you took your home’s square footage and multiply it by price per square foot you are going to get a quote by quote price of your homes. But this is countywide, this only gives you an idea of what the county is like and what you can possibly expect. It gives you a range of what it is going to be. You need to do a full analysis of your home and have a real estate professional come over to get a true price. To actually do something that’s actually tailored for your home.
Sold properties, again this has not changed too much, again the percentage decrease is somewhat significant here so we do note it a little bit, but this hasn’t changed too much because of the buyer pool doesn’t change all that much unless there is a catastrophic event like a recession or a depression, then you see the buyer pool really drop off.
That is the livingston buyer guide, hope this helps you. If it does, comment down to let us know. Comment here would be surely responded. If you need updates for the other county check our youtube channel or the blog for other updates.