May 2020 Real Estate Market Update Genesee County, Michigan

We have your May 2020 Real Estate Market Update for Genesee County. Let's jump right into this. Obviously, we've had some incredibly insane things going on. As I've said, from the beginning, we are going to update you no matter what, big or thin, at the office or at home. No matter where we are, we're gonna be updating you. Because this ultimately it's most people's biggest investment they've made in their lives. Not an asset, a liability. But we're going to call it an investment for now. For most people, this is the most money, the currency they have is locked up in their home. So this is why this is so incredibly important. We're going to see even crazier numbers here just the way the last month in April. And then we didn't see a ton of change yet in March, but these last few months have been incredible going to be more of the same, most likely in June.

We're gonna have to stick around going forward because we're gonna be doing this. Like I said, month to month and we're gonna see some incredible change. We're already seeing it. It's just gonna get crazier as time goes on here. So buckle up guys, let's jump right in. Hopefully number one, you're doing well as well. You're feeling well and your family as well. So let's jump right into this. I always have three years of data. That way you can see the trend. You want to be able to see the trend so you can see exactly what's going on in the markets. Remember, the trend is your friend. If you have one-year data, it wouldn't make any sense. We had the month in arrears because we have all the data. It's hot off the press, ready to go for you.

Days on market.

DO, 57 days two years ago, 50 last year and 53 this year. A little jump here. Anytime you see this, this is days on market. It's the average days the listing sits on the market.

The active number of listings

This is a one-day sample size. It's 648-802-636 this year.

Months of inventory

That's a quick ratio to see where we're at, what kind of market we're in. MOI stands for months of inventory, but what it means - should phrase that properly. What it means is at the rate homes are selling, how long would it take to sell every last home with no new homes coming onto the market? So that's again, a quick ratio and I'll give you a context here in a second. MOI for 2018 was one, 2 last year, a little below two actually rounded up and then 4. One to three months is a seller's market, meaning there's not a lot of homes like we've been in and there were more buyers so the prices go up. Four to six months means it's a balanced market. Seven-Plus means it's a buyer's market. We are now entering the balanced territory, actually. As I said, crazy things are coming to guys.

New homes in the market

This means actual new listings that were listed on the market that month. So that is a month-wide number in Genesee County. Eight hundred thirty-eighth two years ago, 770 last year and then 665 this year. We keep seeing decreases and we are already hemorrhaging homes in 2016, 2017, 2018, and 2019. It's getting worse and worse. Not good. Good if you're a seller, but tough. If you were going to then go buy something.

Price per square foot

This is a county-wide number, remember that - countywide. If you need an actual appraisal or you need an actual value in your home, you have to talk to someone like someone on our team, an appraiser, get an actual value on your home. That way you aren't beholden to a county-wide number, but this gives you about the value of your home. More importantly, if you multiply it by your square footage, this will show you the trend in your County, which is important. Ninety-Three dollars two years ago, $101 last year, and then back down to $93 this year. We're going to see a lot more of this going forward. The numbers are getting crazy.

Number of sold

This is the buyer category, really is the big buyer category. This doesn't change much like I've said for years now, this isn't changing much unless there is some type of an anomaly, some type of black Swan event like we saw. So 446, two years ago, 513 this past year, and then 173 last month. That's unbelievable. We're seeing about 60%, 70%, 75% drop across the board and it doesn't look like it's changing much going forward. So again, I'm very curious to see how June's numbers check out here, but we've seen massive upheaval in the markets and a big contraction in the supply. Last month, I think that the reason we haven't seen prices change too much is that one - real estate is slow-moving, but also number two - we have the buyer pool dropping off just as much as inventory dropping off. So inventory is dropping off up here, but then we had the buyer pool dropping off just the same. That's why it seems somewhat steady in some of these examples. But again, it was the closing's way down because obviously in May here in Michigan was with a big drop. With people not really being able to do much.

So that's it, guys, that's Genesee May 2020. I hope you guys get something out of this. If you know someone who could benefit from this, someone who lives in that area, please send them to tag them. Your questions, comments, concerns are greatly appreciated. If you're on the podcast, go to @legacygroupmi  go check out the actual video there in question their comment there? And we'll answer that. I appreciate you guys your time, your attention, right. Energy is the most important asset we have. So we appreciate you spending that with us here. We'll see you guys in the next one. [inaudible].