November 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County November 2019 Real Estate Market Update. So let's jump right into this. I always preface with two things. We have the month in arrears because the data is closed. The month of November is sealed up, signed, sealed, delivered. We've got it here for you, fresh off the press. We give you three years of data, that way you can see the pattern. The trend is your friend. Remember that, whether you're an investor or you just a retail client, whatever it may be, you have to follow the trends. You have to know what the trends are doing. That way you can position yourself accordingly. So we have three years of data, that way you can see the trend. You can see the pattern. If we just gave you this year's data, it wouldn't make any sense, right? So let's jump right into this.
Days on market
DOM - this is average days on market, 56 two years ago, 47 last year and back up to 59 this year. So again, we're seeing an increase a little bit. It's kind of really across Metro Detroit over the last few months with this number rising.
Active homes in the market
This is again a one-day sample. So in a one-day sample size, how many are on that day when the data was taken? Six hundred twenty-eight two years ago, 798 last year, then 789 this year.
Months of inventory
This is at the rate the homes are selling, how long would it take to sell every last home without any new homes coming on the market? Remember that. Just to give you context, one to three months is a seller's market. Four to six months is a balanced market. Seven plus is a buyer's market, meaning sellers are getting a ton of money here. They're not getting so much down here. There's a lot of homes in the market, there's a lot to choose from. So prices are depressed down here. So again, you can see we've really been hovering in that seller's market area. We're still there. It dropped down a little bit again this past year, from year to year, year to year from last November.
New homes in the market
This is the number of new listings that actually came onto the market. Two hundred six two years ago, 277 last year, 253 this year. So again, no more than 2017 but a little bit less than last year. So we've seen a little dip in the new homes coming on the market.
Price per square foot
One hundred thirty-five dollars two years ago, $145 last year, $151 this year. Again, you can see that prices are going up throughout the last couple of years here in November. That's really what's important. You want to see that trend. You're gonna see that equity is growing in the homes. However, like the title of this says, could it be decreasing? We're seeing some of these numbers start to kind of peak a little bit. We're starting to see requesting the top, somewhere around here, we're coming down this neck, the backside of a bull market. So we'll see. But if you want to get a real evaluation in your home, you have to have an appraiser or someone on our team, a real estate professional come and give you an actual appraisal on your home. This is a countywide number. So if you took this number and multiply it by your square footage, it'll give you approximately the value of your home. More importantly, as I said, this is to see the value of your county just to see is if it's appreciating or what's going on.
This is the number of actual closings, people signing on the dotted line. Two hundred seventy-eight last two years ago, 206 last year and 230 this year. So again, a little bit of a bump in that which is good to see. That's our buyer statistics, which rate right here, that's the number of buyers is out there truly. It doesn't change all that much usually unless there is a catastrophic event like a depression or a recession or something like that. So it's good to see it bumped back a little bit and getting to a little bit more of that territory. So good to see.
That is your Livingston County Update for November 2019. I appreciate you guys being here. Your time, your attention, your energy. It's the most important asset we have. If you're on the podcast, YouTube or Facebook, go to @legacygroupmi. Post your questions, comments, concerns there and we will answer them. I appreciate you guys. We'll see you at the next one.