March 2022 Real Estate Market Update – Macomb County, Michigan
Hey guys, Brandon here, Mitten Made Properties. We have your Macomb County, March 2022. Boy, I cannot say twos, real estate market update. Let’s jump right into this guys. We always preface with a couple things here. Three years of data, the trend of your friend, we wanna able to see three years. That way you’re not looking at one year here. We got two ,I told you, I’m having problems with twos today, three years of data. That way one year is not gonna make any sense. So you wanna see the trend here and the pattern. And then we had the month in arrears, this is why we have March because the data is sealed up. Now it’s done. The month is over and it’s all aggregated. We’ve got it for you. So let’s jump right into this.
Days on market
Days on market,DOM. Anytime you see that 51, two years ago, 30 last year, and then 24 this year, again, we’re seeing a decrease pretty much across the board of Metro Detroit, less and less homes on the market. What do you know? What’s, that’s the story for the last five years or so? Right?
Active number of homes in the market
Active number of homes. This is a one day data sample. So the day the data was taken, how many listings were on the market at that time? 1239, two years ago, 585. This was the Cerveza sickness, obviously. And then 1,049, this year, which again, down from a couple years ago. So again, we have less homes on the market, crazy times, we’re in.
Month of inventory
MOI. Anytime you see that it’s month of inventory. So it’s a quick ratio to see what kind of market we’re in. What it stands for is that the rate homes are selling. How long would it take to sell every last home, if no new homes at the market? We have 1.2. So just over, you know, four week, it’s about four and a half, five weeks of inventory two years ago, 1.2 and then 0.5. So we had two weeks of inventory last year and then 0.92. So just under four weeks, you know, you’re looking at 25 days, something like that to that effect, this year. So again, not a ton of inventory at all. We are in a steep, deep seller market. Just to give you context, one to three months, the seller’s market four to six is a balanced market and then seven plus is a buyer’s market. So you can see how steep the seller’s market is.
New homes in the market
New homes in the market, 1354, two years ago, 1443 last year, and then 1580 this year. So we’re seeing increase right now, going forward into the spring season. Is it rising interest rates, the fed, they just came out the numbers record high inflation, about eight and a half per percent, just incredible stuff going on. That’s gonna, you know, that’s really hurting a home buyer. So that’s gonna, you know, take away from the market home prices, maybe start coming down. We’re seeing more, more homes coming the market. We’ll see here, what’s going on. I think people are just kind of thinking it’s be more the same, but things, you know, might be another thing in store here. So we’ll see. We’ll, we’ll keep an eye on what’s going on here, obviously with all of our updates. And, this really is a month wide number though. So this is at how many or how many new listings came on the market during that entire month.
Price per square foot
Price per square foot. This is multiply this number right here, 240 in 2022, multiply it by your square footage. You’re gonna get your approximate value of your home. Right? So 105, two years ago, hundred 32 last year and two 40 this year. Again, there’s not a ton of homes here necessarily in Macomb county. So the numbers can get a little skewed, but you can see just big homes are selling here. The averages, there’s not a lot selling, so the numbers can get skewed, but you can see the trend though. The trend is obviously tick upward, appreciating more equity in homes. Homes are running away from buyers. And if you want an actual valuation on your home, you have to have someone on our team or an appraisers, a professional come out and actually value your homes. Remember that this is a countywide number. Take that multiply buyer square footage. You’re gonna get approximately what your home is worth.
Then we have sold. This is the people actually closing on a home. People sitting down on a closing table, actually closing 1,032, two years ago, 1,140 last year, and then 1,138 this year. So again, this number stayed very same, very similar. And this is what happens a lot of times, this number doesn’t change too much unless there’s Black Swan events. So you can see this is stayed pretty constant.
So that’s your Macomb County update, guys that try to get you in and out in three or four minutes, really want bite size, you know, segments here. So you guys can get in, get out, get what you need March 2022. We will back next month for April 2022 in Macomb, and then all the other Southeastern Michigan counties. We appreciate you guys, go to our Facebook or our YouTube channel at Legacy Group MI, that is the Mitten Made Properties channel there. And go, comment tag, share, someone could use this data, please send it to them, and let us know what else do we like to see. We appreciate you guys and your time. It’s the most important asset we have at our time. So we thank you for giving it to us and we’ll see you on the next one.