March 2020 Real Estate Market Update – Livingston County, Michigan
What's going on guys? Brandon here, Legacy Group Real Estate Team.
We have your Livingston County Real Estate Market Update March 2020. Make sure we know what month it is for you guys. I know it's a crazy time right now, with everything that's going on and I hope you are well, everyone in your family stays safe and healthy. But we're going to bring these as I said. The last ones we did last month in the office. We're going to, whether we're at home, home office, we're at the office, we're going to bring these to you and to keep you updated on the most important investment you have. Like we always say every time there were a couple of things we do here. We give three years of data that way you can see the trend. The trend is your friend. We had the month in arrears because we have all the data. It's all in, it's all put together and finalized that way we can actually give you the most up-to-date information. So let's jump right into this.
Days on market
DOM, anytime you see that 65 days in the market two years ago, 68 last year, and then 59 this past March. It went down a little bit actually, which was interesting.
Active Days on market
That's actually a one-day sample. How many homes are on the market when that data was taken? Five hundred nine two years ago, 586 last year, then 570, a little dip here this year. We're going to start to see that again going forward. Some interesting data here.
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? Two 2 years ago, 3 last year and 3 this year. Just to give you context, one to three months is a seller's market. Four to six months at the buyers market or a balanced market, and then seven-plus months is a buyer's market. Meaning there are more homes than there are buyers. So you can still see one to three months. We're in a seller's market still or we were. So just to give you guys context.
This is the number of new homes that actually came on the market, new listings in that month. This is just a one-day sample, this is the actual month. How many new came on the market? Four hundred thirteen two years ago, 379 last year. Then down to 314 this year in March. That's because the last couple of weeks of the month obviously were catastrophic. The market's crashing, people were scared. Real estate was effectively shut down. People trying to figure out what was going on. So this would be a very interesting number going forward to see what happens. We always talk about here, actually, we'll get that in a second.
Price per square foot
One hundred thirty-four dollars two years ago, $149 last year, $149 this year. So it stayed even, that was stuff that was closing obviously. And in that was going in our contract in January and February, closed in March. So again, we'll see what that number looks like going forward as well.
This is the number of people actually closing on homes, actually purchasing and selling, sitting down on a closing table and closing on the home. Two hundred four homes two years ago, 195 last year and 213 this past March, which is good to see. But again that's a lagging number, lagging indicator because that's the stuff that went under contract in January and February. It's good to see that stuff was closing though still because there were deals that were falling out of escrow because of the economy crashing in the middle and end of March. So this would be interesting to see going forward. Like I said, just because we're going to have a lot of different things going on. Obviously, the unemployment numbers are crazy and we have a lot that is yet to be seen. So stay tuned. We'll be bringing this to you every single month. That way you can make the decision that's best for you and your family on your largest investment. And we just appreciate you guys tuning in.
So that is the March 2020 Update for Livingston County. We appreciate you guys more than anything. Your time, your attention, and energy. It's the most important thing we have. If you're on the podcast, go to @legacygroupmi, on our Facebook or YouTube Channel. There you can post questions, comments, concerns. We'll answer those. And again, we thank you for your time and your energy, it is the most important thing we have. Truly, we appreciate it more than you know. We'll see you guys in the next one. Also, in the other counties in Metro Detroit, we are doing those also. So check the page podcasts. The other updates are there as well. So we'll see you guys soon.