November 2019 Real Estate Market Update – Oakland County, Michigan
We have your Oakland County November 2019 real estate market update. Let's jump right into this thing. So we preface every video with two things. We have three years of data because we have to see the trend. The trend is your friend. Remember that. We want to see the patterns. If I gave you just this year's data it wouldn't make any sense to you. Then we have the month in arrears because we have that month closed up, the numbers, the data's fresh, hot off the press, ready to go. So let's jump right into this thing.
Days on market
Forty-five two years ago, 48 last year, 50 this year. We're seeing this across the board in Metro Detroit, a couple of days a year. It's been bumping up in November.
Active homes in the market
Four thousand seven hundred twenty-two two years ago, 5,413 last year and 5,307 this year. Again, this is a one day sample of data. So the day that that data was taken, how many are active on the market at that time?
Month of inventories
MOI is three across the board here, 3-3-3. This is a quick ratio to see what kind of market we're in basically. Without even having to look at all the data, what kind of market are we in? And basically what it is is that at the rate homes are selling, how long would it take to sell every last home with no new homes coming on the market? Just to give you context again, one to three is a seller's market. Meaning there's not a lot of homes and prices are really high. Four to six months is balanced. Seven-plus is a buyer's market, meaning the buyers are really making out. There's a ton of homes in the market, so the prices are depressed.
New homes in the market
This is the number of new listings, new active listings that actually came onto the market in the month of November. Two thousand two hundred eighty-four two years ago, 2,514 last year. Then 2,253 this year. So again, another little drop. We're seeing this across the board as well. Another drop this year in housing. So who knows going on? No one knows. No one can tell you. If anybody thinks they can tell you what the market's going to do, they're insane.
Price per square foot
This is a countywide number. So you have to take that into consideration. It's been increasing, $123, $124 and then $133 this year. If you take that number, $133, and multiply it by your square footage, it's going to give you the approximate valuation of your home. Now, remember, it's a countywide data. If you need an evaluation in your home, you have to have someone from our team, a real estate professional, an appraiser or someone come out and actually do an appraisal on your home. Because this takes into account every city, every neighborhood, everything. More importantly, this is the trend to see which direction, which pattern your County has, which way your county's trending. Again, an upward trend. Sellers overall are gaining some equity, but it's kind of a slight increase. Some people are losing equity and it's because we've seen some of these numbers here and it's why the title of this video is what it is. Because we're seeing more days on market. We're seeing some different shifts in the market we really quite frequently haven't seen in a few years. So pay attention over the next few months. It's going to be interesting.
This is the actual number of people closing, signing their names on the paper and closing on a house. One thousand eight hundred seventy-eight two years ago, 1,679 last year and 1,572 this year. So again, a steady decrease in the number of homes that are actually selling and actually closing. So you could have all it. You could have a million listings, but if only 1,572 are closing, that means there's some discrepancy. That means there might not be buyers out there. That means there's some weird stuff going on. So that is a really important number that gets overlooked. So, we'll pay attention to this as the months go on and see what's happening here.
That's your Oakland County November 2019 Market Update. I appreciate you guys paying attention and we tried to get you in and get you out of here so that we can get the info and get off the rest of your day. If you're listening on the podcast @legacygroupmi, on Facebook, YouTube. Put your questions, comments, concerns there. We'll answer them there. I appreciate your time, your attention, your energy. It's the most important thing we have. We'll see you guys in the next one.