March 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County March 2019 Real Estate Market Update. Let's jump right into this thing. I preface every single video for months and months and months and years on end here with our market update videos with a couple of things and one new thing. We have three years of data and we go in arrears, right? The month is over and we now have all the data at hand. Just like the government comes out with a jobs report first Friday after the month, we do the same thing for Thursday after the month is over. We have all the data, we give it to you guys. We have three years of data that way you can see the trend. The trend is your friend remember that in all investing. So we can see the trend here. If I just gave you this year's data, it wouldn't mean anything. But now that you can see with the past couple of years, you can see what's going on. And then lastly, the new thing is we have all these are going to be on our podcast now as well as in our Facebook, YouTube, but it's gonna be in our podcasts as well. So we're going to be walking through this point by point so that way all of these listening on the podcast here in Metro Detroit can get something out of it and you don't have to see it. So let's jump right into this. Livingston County March 2019.
Days on market
The very first one, DOM. Anytime you see DOM or ADOM, CDO, it basically means days on market, the average days on the market. In this case, we have some interesting data and the last couple of months have been interesting because we've seen things kind of tick back towards the buyers' end of things. I should say more towards the balanced end of the spectrum and it has been a very heavy seller's market with not a ton of inventory. But here we have days on market - 65 over the last two years, 65 two years ago, 65 last year, but 68 days on market this past March. So again, some weird data, sometimes of all the 18 data points we have here, sometimes one or two or are anomalies if you will. So you got to kind of take it with a grain of salt. So we're going to see how the rest of the numbers bear out and what it's telling us.
Active homes in the market
The next one here is a one day snapshot. So when we take this data, it's the number of active homes on the market right then. It's nothing more than looking at the last three or the last two years here to see how it compares. It's not a monthly number. The active home was 644 two years ago, 509 last year and in 586 this past March. What do we have in store for us as we go throughout here?
Month of inventory
We had three, then two last year and then three again this year. What months of inventory is, is that the rate that homes are selling, how long would it take every last home to sell without new homes coming on the market? And just to give you guys some frame of reference, some context here, one to three months is a seller's market. Four to six is a balanced market and then seven-plus months is a buyer's market. So that gives you guys a little frame of reference of where we're at and that way you guys can know a quick ratio to know exactly what's going on in the market and where it's heading. So we know that still a seller's market. It has bumped back up a little bit more towards a balanced market in Livingston. This is a good way to quickly know which way the market is going. Still, very seller-driven, lack of homes in the market. Some of these numbers will bear that out again as we go and give us a little insight into where we're going also, which is this next one.
New homes on the market
We have 475 years ago, 413, it's actually bumped up a few homes last year and then we're back down under 400. We've got 379 this past March. So going forward it can be very interesting because there hasn't been a lot of homes listed. It's gonna be very interesting to see what happens going forward here. It started bouncing a little bit, but now we've had a significant drop actually in homes in March, which is very interesting. We're seeing that kind of countywide right now.
Price per square foot
Remember, this one is a rule of thumb basically. It's kind of a general rule for your county. If you need an actual evaluation for home, you've got to call an appraiser, you've got to get our team, an actual real estate professional to your house and check the subdivision, neighborhood and do the comps, etc. This just gives you a general rule of thumb of what the county looks like and gives you that trend of which way the county is trending. This is important to remember because you take this number and you multiply it by your square footage and that gives you the general value of your home. it's not gonna be specific because it's not taking into consideration where your neighborhood is, etc, what you got going on. It could be a lot less or it could be a lot more. So you have to get a real estate professional out there in order to see all these and what's actually going on. But again, the trend is going up. Very good trend overall, countywide going up in value for you homeowners. The price per square foot was $128 two years ago, $134, and now it's up to $149.
Sold
This is really kind of our buyer statistic. This is the one that really hasn't changed that much. The buyer pool doesn't change all that much unless there are recessions and depressions, some kind of type of a cataclysmic event. So for those of you listening on the podcast, sold is 241 down to 204 and then down to 195 actually. We've had some drop off and again, we've had fewer homes on the market overall, so it doesn't totally surprise me that has dropped a little bit. Something to kind of keep an eye on. I'm really keeping an eye on this number here. This is what I'm most interested in far. This is all going up, which is awesome for home sellers. That's amazing. So keep doing what you're doing. Unfortunately, we're not doing much, just the economy doing what it's doing in the world, you know, geopolitics, etc. But this number right here, that number is interesting because that's the number of new homes coming in the market. It's way less even. This was down in inventory here. As you can see, we're in a seller's market here and now we're even last homes coming on the market. So going forward the next month or two, which can be very interesting to see what happens.
So that's it, guys. That's the Livingston County March 2019 Real Estate Market Update. We really appreciate you tuning in and watching on Facebook and YouTube, and the different channels, listening on the podcast. If you guys have questions, please go there. Please mention stuff in the comments section. That way we can answer stuff and help everyone at once because we get a lot of messages, but they're off of these channels a lot of times. We can't help everyone. We can only help that person that asks. So please do it on here. I appreciate your time and your energy in spending with us because our time is the most important asset we have. So I really appreciate you spending with us and we will see you on the next one.