November 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County November 2019 Real Estate Market Update. Let's jump right into this. We always preface with two things. We have the month in arrears because the data's closed up. The month is closed up. The data is fresh off the press. We have three years of data that way we can see exactly what's going on. We want to see the trend, we want to see the pattern. The trend is your friend. Remember that. We have the three years that way we can see it. Because if we just gave you one year, it wouldn't make any sense. So let's jump right in. Let's get you in and get you out.
Days on market
DOM - 34, two years ago, 38 last year, 40 this year. So we're seeing a steady rise in days on market in Macomb, which is very interesting because there is no inventory. So it tells you some stuff, right? Weird, geopolitical things going on, weird interest rates, stuff going on. It's just weird stuff going on in general in all of our lives, right. So it's telling you that could be some bad inventory in the market. The price isn't increasing too much here. So it could be telling you that possibly. It's just very interesting. So something to keep an eye on and that's why the title is video is "Are sellers' homes losing equity?" because they might not be right this second. But some of these homes are because this really is increasing that much. So what's going on?
Active days on market
One thousand four hundred twenty-six two years ago, 1690 last year, at 1791 this year. More homes coming onto the market, which again this is a one-day data. Look at this. This is interesting, right? This is a one day that means homes aren't selling as much. This is a one day you might think, "Well Brandon, there are more homes in the market, so why is the wait time more?" Because I'll show you in a second. This is just a one day sample. So the time data was taken, how many homes are on the market?
New homes in the market
Down here you'll see new homes. This is new listings, actual new listings that came on the market during that entire month. One thousand four hundred eleven two years ago, 1,478 last year. And then only 1376 this year. So you can see there's actually a little bit of a slide actually. Some of these are trailing statistics and some of these are statistics that we'll see play out going forward. So that's my job to kind of navigate you through this.
Months of inventory
That's at the rate that homes are selling, how long would it take to sell every last new home with no new homes coming in the market? This is one across the board. One month, one month, one month. I want to give you some context here. One to three months is a seller's market. That means there's not a ton of homes in America and prices are jumping high, jumping higher. Four to six months is balanced. Seven-plus is a buyer's market. I mean there's a ton of homes in the market like 2010-2012. Those markets, those years, there's a lot of homes now, a lot of buyers prices are depressed. So it gives you a very quick ratio to see what kind of market we are in.
Price per square foot
Ninety-eight dollars two years ago, $103 last year, $104 this year. As I said earlier, not that big of an increase. This if you take this and multiply this by your square footage, it'll give you about what the value of your home is. But remember, this is a countywide data. So if you need an actual appraisal on your home, an actual valuation, you have to have a real estate professional, someone from our team or someone who can come give you an actual evaluation of your home. But more importantly, this shows you the trend, which way your county is trending. That's the most important thing about that stat.
The last one here is really the buyer statistic. How many buyers are out there and people actually closing out homes? Because the listing is great, but how many actually closing? One thousand two hundred sixteen years ago, $1,128 last year and $1,209 this year. So this stayed pretty steady, which is good. Usually, we see this, there's not a huge change in this usually because of recessions, depressions that usually mess us up. Buyers usually are out there regardless. However, as we said, there's some weird stuff kind of going in the market. So going forward it's going to be interesting to see how that kind of plays out in the sold data.
So that is the Macomb County update for November 2019 hope you guys enjoyed it. Thank you for your time, your attention, your energy. It's the most important thing we have. I appreciate you sharing that with us. If you have questions, comments, concerns, you're listening on the podcast, maybe go to @legacygroupmi, on Facebook, and on YouTube. Go post there. We will be glad to respond, answer those questions, banter back and forth, whatever it may be. So appreciate you guys. We'll see you at the next one.