March 2022 Real Estate Market Update – Livingston County, Michigan
Hey guys, Brandon here, Mitten Made Properties. We have your Livingston county, March 2022, a lot of twos, real estate market update. Let’s jump right into this. I always preface with two things. The trend is your friend. We wanna, we have three years of data because we wanna see the trend. It wouldn’t make any sense. We just had one year of data and then we have March out hot off the press with the data from March, just like the government’s numbers came out today. Boom, we got your numbers real estate wise, even though our numbers look better than the government. So I’ll tell you that much record high inflation. We’ll get into that in later videos. But for now let’s jump into this
Days on market
We have DOM days on market, 59 days on market two years ago, 37 this year rather last year’s 30 this year. So a big decreases in Livingston county does is kind of sparse. There’s not as many homes as say some of the more populated Metro Detroit areas though. So just keep that in mind.
Active number of homes in the market
Active number of homes, 572 years ago, 276 last year and the 243 this year. So again, down a little bit, this is a one day data sample. So the day the data was taken, how many listings were active at that time .
Month of inventory
Months of inventory. 2.68 two years ago, 1.25 last year, and then 1.34 this year. And again, that’s, you know, about five weeks of inventory. And what that means 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? And just for a little bit of context, one to three months is a seller’s market. Four to six is a balance market and then seven plus is a buyer’s market. So that just gives you an idea of what kind of market we’re in. We are still entrenched in a seller’s market. And this is a quick ratio to see where we’re at.
New homes in the market
New. This is a number of new listings that actually came on the market that month. This is a month wide number 314, two years ago, 336 last year, and then 299 this year. So again, less homes coming in the market, unlike Genesee, Genesee was seeing all these numbers, opposite direction, actually. So this is we’re seeing a decrease here, which is unfortunate for buyers, at least.
Price per square foot
Price per square foot, 149 two years ago, 183 last year, 205 this year, this year. So a big trend up where we’re seeing appreciation going crazy equity in people’s homes. The trend is where we wanna see, cause this is a countywide number, but if you want an approximate evaluation of your home, you take this number right now, the 2022 number, multiply it by your square footage. You’re gonna get your approximate value of your home. If you want an actual evaluation though, you need someone on our team or an appraiser or someone it’s a professional come out and actually value your home. Cause this is more to see the trend of what’s going on. This is a countywide number.
Sold
Sold. This is the number of people actually sitting on a closing table, closing on a home 213, two years ago, 221 last year, 181 this year. And this is because again, there’s not a lot of homes in the market. There’s not a lot to choose from. All of ’em are getting bought up. There’s not a lot to go around. So we’re seeing last year and this usually stays somewhat constant.
So that is your Livingston county market update for March, 2022 guys. There’s a lot of crazy stuff going on. It’s really an unbelievably fascinating time. Like I said, record inflation right now. Stay with us here. As we do this, we do this for six or seven years now giving you the data so that way you can make the best decisions for you and your family. So appreciate your time, your attention, your energy. We’ll see you guys on the next one in April for Livingston. See you next time.