March 2022 Real Estate Market Update – Genesee County, Michigan
Hey guys, Brandon, Mitten Made Properties. We have your March, 2022 real estate market update for Genesee County. Let’s jump right into this thing. We preface with two things. We have three years of data, cause the trend is your friend. Not gonna make any sense if you just have one year of data, obviously. So we need to see the pattern here. We have the month in arrears with the data is in, a hot at the press. We’re ready to go. So let’s jump right into this.
Days on market
Days on market DOM, anytime you see that is number of days on market. We had 66, two years ago, 33 last year and 36 this year. So we’re seeing a little bit of bump seen, kinda seen that Genesee county recently. But we’ll see what the other counties are like, cause wasn’t happening in the other counties.
Active number of homes in the market
This is a one day data sample. So that the day the data was taken, how many homes were on the market listed at that time? 678 years ago, 317 last year and then 597 this year. So we’re seeing an uptake again in Genesee, which is why you see average days on market going up.
Month of inventory
Months of inventory, MOI. And anytime you see that that’s at the rate homes are selling, how long would it take to sell every last home with no new homes getting in the market? 1.79 months. That is pretty incredible. But what’s even more incredible is 0.73 last year back up to 1.62 this year. So you’re seeing, you know, what about six, seven weeks? It takes and then just for a context for you, one to three is a, if this would write at all one to three months is a seller’s market. What we’re seeing now, obviously four to six is a balanced market and sellers balanced and then seven plus is a buyer’s market. That meaning there’s a lot of homes in the market and prices are coming down. Like we saw 10 years ago.
New homes in the market
This is a month wide data set. So how many homes actually got listed on that? month alone, 470 two years ago, 584 last year and 607 this year. So we’re seeing an uptick across the board here in Genesee. Hopefully that’s a sign of good things to come. So we shall see.
Price per square foot
Price of square foot, $94, two years ago, $117 last year and then $126 this year. So again lagging indicators though. So we’ve seen the trend as your friend, it’s going up, obviously equity in people’s homes. Homes are appreciating. This is more important to see the trend cuz you take this countywide number. If you take this number right here and you multiply it by your square footage times, your or footage equals approximately your home value. So if you want someone to actually have a professional, someone on our team, actually come give you a real actual data set and actual evaluation in your home. You have to get ahold of us in order to get that, cuz this is just countywide number and I wanted you to see that for the trend.
And that number sold. That’s the number of people actually sitting at a closing actually closing on a home 379, two years ago, 435 last year and 369 this year. So again, not a lot of homes, the market. So we’re seeing a little bit of a dip there, but again, across the board, we’re seeing a little bit more homes on the market in Genesee going for us. So we’re gonna see how that plays out going in the spring. When you would think people are gonna be putting more homes in the market and interest rates are going up. So we’ve went up about a hundred basis points, a solid percent just in the last 40 days. So that is a, a sign of things to come. Maybe the balance of the market coming here. So we’re seeing that here. We’ll see how it shakes out in the other counties.
Thank you for your time and energy guys. It’s the most important thing we have the most important asset of time. We thank you for sharing it with us on this episode. And we’ll see you guys on the Genesee county, April, 2022 update next month. Thank you.