March 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County March 2019 Real Estate Market Update. Let's jump right into this thing. I preface every single video now for months and months and months and years and years here, we're doing these market updates. Preface every single one with a few things. We've got three years of data for you guys. That way you can see the trend. Remember the trend is your friend. So we wanna be able to see what's going on. We give you context because if we just gave you the purple data here, the 2019 data, it wouldn't make any sense. So now you can see what's going on, which way the market's going. And we also give you the month previous, arrears, because now we have all the data. Just like the government comes out with their jobs report the first Friday after the month we do the same thing. So we got this data for you are ready to go. And also, the last thing, the new thing that I preface these videos with now is we have our podcast as well here in Metro Detroit that a lot of you will probably be listening to right now. You might be listening to it right now and we are going to go through each data point now. We didn't always do that, but we do it now that way those listening can be hearing this all and don't have to totally see it. So let's jump right into this thing.
Days on market
If you see that anywhere it's average days on market, you might see ADOM, CDOM, DOM, it's days on the market. So while we have that one and in 2017 two years ago, it was 51, we're down to 45 days in the market, back up to 50 this past March. We're kind of seeing this trend a little bit of up-down-up again a little bit. We're kind of seeing this trend throughout each stat throughout the counties. So, very, very intriguing to see what's gonna happen going forward. Let's just say that.
Active homes in the market
This is a one-day snapshot. This is just a one day, it's not like a month-long number if you will. It's a one day snapshot of how many active homes where there when this data was taken. Two years ago, there were 1,260, last year it was down to 1,008. And then this year back up all the way up to 1,294. So again, you can see where the trend is going. This stat is important for a trend more than anything. We'll see how the numbers play out here but look good in Macomb County going forward.
Months of inventory
That is at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market? This is a very quick, quick ratio for you to be able to see what's going on at a glance and just see exactly what's going on and know where the market is. Just for context, I do this every time for you guys that what you can see it. But one to three months is a seller's market. Four to six is a balanced market and then seven-plus is a buyer's market. So I just want to be able to give you guys that context just where we are. Macomb has been entrenched in a serious seller's market here for months and months. Really the last two years basically, as you can see going all the way back to March of 2017 and I went back even a little bit before that. Very steep seller's market as we can see up here. One to three, like I said, is a seller's market and we have been one's across the board with months of inventory.
New homes in the market
So this is the number of new listings that have come up in the month. This is a better general overall monthly number. 1,844 two years ago down to 1,711 and we're back up to 1,788. So not quite 2017 levels, but in between 2017 to 2018 levels. It's good to see going forward. It's actually the first county that we've done here so far that Livingston and Genesee were actually well below their numbers last few years. It's gonna be interesting to see those counties going forward to see what happens. But here in Macomb, fortunately, it looks like we have a little bit more activity going on moving forward, so it'll be good.
Price per square foot
This is a general, countywide number. So don't take this as gospel for your home. But if you took this number right here and you multiply by your square footage, it'll give you generally what your home will be worth. Again, this is more for the trend to see which way your county is trending. If you need a value on your home though, you have to call a real estate professional. You've got to call someone on our team, you've got to call an appraiser to get someone out there to see your neighborhood, see what's going on and see what you've done to the home and get you an actual valuation. But like I said, this is good to see the trend. Where's my county trending? And also just have a general rule of thumb of where you're at. We were at $89 two years ago, $94 a square foot last year and up to $97 a square foot this year. Every county is trending upward because again there's less inventory so things are trending up.
Sold is really like the one buyer statistic that we have. The buyer pool doesn't change too much unless there's something big to happen. Something cataclysmic like a recession or depression. And we had 1,313 sold two years ago, 1,113 sold last year and up a little bit to 1,179. So again, kind of a where I'd expect it to be, not wavering all that much which is good. A little up a little bit from last year and so things are closing, which is good.
That is your Macomb County March 2019 Real Estate Market Update. I really appreciate you joining us today and I really appreciate you guys and the podcast right now as well. If you guys have questions, please go to our TLG YouTube channel (@legacygroupmi), the Facebook channel and put your comments, questions, concerns in there. That way we can answer them all there together and everyone can learn together as we get a ton of messages which we are really grateful for. We just can't answer the questions for everybody when people are sending us private messages, which is fine. Not everyone wants to do that, but if you can please put them in the public domain, that way we can answer and help more people at one time. So appreciate your time and energy more than anything. It really is the most important asset that we have. Humbled and honored to have it, so appreciate you guys. We'll see you on the next one.