March 2020 Real Estate Market Update – Genesee County, Michigan
We have your March 2020 Real Estate Market Update for Genesee County. Let's jump right into it. I know it's been a crazy time for everybody but hang in there. Times will get better. Right? This too shall pass. So let's jump right into this. See what we have going on. Like I said, we're going to bring this to you come hell or high water. We're going to bring this to you whether we're at the office, whether at home, wherever it is. We're going to bring these to you. We have the most up-to-date stats possible. The most interesting stuff is going to be the next month or two though and going forward. We have two things here. We always put three years of data. That way you can see exactly what's going on and see a trend. Then we have the month in arrears. That way you can see what's going on here. So you got to denote that actually. So we have March, that way we have all the data. The month is closed up. We've got it.
Days on market
Fifty-seven days on the market two years ago, 61 days last year and 66 this year. So things were increasing gradually. We've seen that as a trend lately.
Active Days on market
One thousand nine hundred sixty-four two years ago, 677 last year and 678, about the same as last year. With the number of active homes when that day that data was taken from. It's a one-day sample.
Months of inventory
At the rate homes are selling, how long would it take to sell every last home with no new homes coming on the market? Just to give you context, we have one to three months is a seller's market. Four to six is a balanced market. Then seven-plus is a buyer's market, meaning there are way more homes in the market than there are buyers. So that gives you an idea of where we're at. We're still in a seller's market. We'll see going forward what happens here. But we were as of really the end of March, early April.
New homes in the market
This is the number of new listings that actually came onto the market. Six hundred eighteen two years ago, 586 last year and down to 470 this year. At the end of this month, we're starting to see some of these statistics kind of trail off really cause the last couple of weeks of March so obviously was the hardest hit time from the markets. People are scared of not knowing what's going on. So we are seeing a dip in some of these things. Obviously things are sitting on the market longer. People were actively trying to figure out what in the world is going on. The last one just came into the market.
Price per square foot
This was going up. So the homes that we're selling, we're still getting top dollar throughout most of the month because we had $85 two years ago, $89 last year and then up to $94 this past March. We'll see in the next coming months, but it was still trending up as of March.
This is actually people signing their name on the dotted line, actually selling or purchasing a house or selling a house. Three hundred eighty-six 2 years ago, 489 last year and then back down to 379 this year. That number shouldn't have changed all that much. It's because this was already stuff that was coming from the month prior to closing. Very interesting numbers here, kind of all over the board. But we are starting to see that trend downward. The trend is your friend. This is the most important to know when you're trying to make decisions on probably most people's biggest investment they're going to make. And remember, it's not the biggest asset you have because it's a liability. Your primary home, unless you're getting rent on it and someone's paying you money every single month and it's covering your expenses obviously, then it's a liability. So the biggest investment most people have is their primary home. So we have to know what we're working with in order to make decisions possible.
I appreciate you guys tuning in these times and I know it's just crazy time for everybody, but I really appreciate it. Getting the info, getting in, getting out, trying to make it as quick as possible. That way we can get the info we need and leave. If you're on the podcast, go to @legacygroupmi, go to our Facebook or YouTube channel to go comment your questions there and we'll answer those. We appreciate your time and your energy. It's the most important thing we have guys. We appreciate it more than you know, so we will see you on the next one. We have our other four updates. If you're in other counties, go check those out and in the Metro Detroit area and we'll see you on the next one.