July 2018 Real Estate Market Update – Macomb County, Michigan
We have your July 2018 Real Estate market update for Macomb County. So let’s jump right into this. I prefaced this every single time, every month we’ve been doing this, we have three years of data because it shows the pattern. My big mentor, Robert Kiyosaki’s rich dad always said that the numbers tell a story. The pattern tells a story of what’s going on in the market. If I just gave you this year of data, you have no idea what that means. It would mean nothing to you. Also, we do the month previously because we had the entire month of data now. So we have everything now we can look back fresh, look hot off the press data to see exactly what’s going on and give you an in-depth, detailed picture as to what’s going on in the market.
So let’s jump right into it.
Days on Market
Days on Market, ADOM, CDOM, you might see these. This is the days on market as I said. That’s just the time spent the listings spent on the market. 44 down to 29 to 25, that is a pretty significant drop, obviously under, well under a month on the market, well under one month average in the market, which is pretty incredible. It goes to show you what kind of solar market we’re in. Just that stat alone and it will bear itself out here and the rest of the numbers, obviously.
Active Homes on the Market
This is actually a snapshot in time. So this is just a snapshot in time on this one day. The pattern kind of tells you a story though in essence. So the numbers don’t matter as much for this one stat, but this pattern of numbers tell you the story. So again, a significant decrease in active homes on the market. Again, showing us what kind of a seller’s market it is.
Month of Inventory
MOI is the month of inventory and month of inventory is at one. This is incredible and it’s been like this for a while. Obviously, the last couple of years have been like that. When you’re at about four, five, six months of inventory, that’s a balanced market and when you are at 10, 11, 12, 15 plus, then you’re in a buyer’s market. There are tons of homes in the market, there’s not a lot of buyers out there and it takes a long time. Inventory is very great. In here, we’re at one, I mean think of how steep that of a market is. So that is why buyers are struggling so much. That is why you need to have your ducks in a row as a buyer and make sure your finances are in order and be willing to pay top dollar for homes. You can negotiate some other terms possibly that might be more beneficial to you, but you’re generally going to be looking at top dollar. This is why you see a lot of over asking price offers and homes going and selling for that new homes in the market. This is interesting. So July was very stable actually the last couple of years with new homes on the market in Macomb County. So we’re really wasn’t too much of a deviation over the last couple of years in July, so that’s good. Kind of stayed stable, it looks as in July.
Price per square foot
Now, this has increased greatly each year. Again, this is a snapshot of the entire county as a whole, so you know, if you’re in a neighborhood, city, inside the county, you’re gonna want to have you know, an appraiser obviously or a Real Estate Professional to come over and do an analysis, a proper analysis on your home and see exactly what’s going on here because this is a full county look as to what’s going on. This is not a street by street or subdivision by subdivision or city by city. So this just gives you a pattern though of the increase in prices though over the last couple of years in your county in July. So that again is a good sign if you’re a homeowner or maybe you have an extra home here looking to sell. So this is really the buyer stat that we have available to us, and again, this has decreased a little bit to present, to decrease is somewhat significant but not terrible. Some buyers right now are leaving the market because they were frustrated. Interest rates are going up, they’re being squeezed. Right now, it’s hard to afford a home for a lot of people right now. That’s why you’re seeing a decrease in the number of buyers, amount of homes are being sold. Frankly, you know, there’s last out there available so people aren’t as eager because again, they know what’s going on. So the buyer pool looks like it’s, you know, dipped just a tiny bit. There could be other factors like being squeezed out, etc.
So, I hope that makes sense to you guys. Let me know if you have any questions, drop the questions in here and I’d love to answer them and any other questions. You have someone you know that lives in Macomb County, maybe you don’t yourself, that could benefit from it, please send this to them, share it with them, tag them, and we’d really appreciate that. That way we would get this data out to as many people as possible. So I appreciate your time and energy. It truly is the most important thing that we have and I’m humbled and honored to have yours. Look forward to seeing you guys very soon and the rest of the counties from Metro Detroit will be posted on the timeline here and the YouTube Channel. You’ll be able to go to the Market Update Playlist and see all the market updates.