November 2019 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County November 2019 Real Estate Market Update. Let's jump right into this.
We preface every video with a couple of things here. That is we have the data for you ready to go in the month in arrears because the data is fresh off the press. We have three years of data that way we can see the trend. You want to see the pattern. That is important because if you only saw this year's data, it wouldn't make any sense. So let's jump right into this thing.
Days on market
DOM - average days on the market. Forty-one two years ago, 40 last year and 42 this year. So again we have seen in every County in Metro Detroit a jump up here again. Very consistent in Wayne County over the last couple of years, which is it's good to see.
Active days on market
This is a one-day sample size. On the day the data was taken, how many active listings were there? Five thousand one hundred three two years ago, 5,592 last year and 5,652 this year. Holding steady between '17 and '18. Good to see but we really like to see more in there.
Months of inventory
This is at the rate that homes are selling, how long would it take to sell every last home with no new homes entering the market? This is a quick ratio basically to see what kind of market we're in. I'll give you context here in a second as to what that means and how you know. Three months of inventory 2 years ago, three months last year and four months this year. We rounded up a little below that actually. However, I want to give you some context. One to three months is a seller's market. Meaning there's not a lot of homes and prices are rising. Four to six months is a balanced market. Seven plus is a buyer's market, meaning there are tons of homes and prices uprise. So that's kind of how you know what market we're in very quickly, which is huge.
New homes on the market
This is the number of new listings that actually came on the market in that month of November. Two thousand five hundred seventy-nine two years ago, 2,825 last year, and then 2,482 this year. Again, we've seen this across the board in Metro Detroit. We've seen a dip here in this month of November. I've seen a dip in new homes coming to the market. So that means going forward, it's gonna be interesting. Are there going to be fewer buyers? Are there gonna be the same number of buyers are probably the houses are only faster because of that. Who knows? It's been very interesting going forward. So stay tuned.
Price per square foot
Eighty-three dollars two years ago, $89 last year, $94 this year. A good jump up. If you multiply $94 by your square footage, it'll give approximately the value of your home. Now it's a countywide number taking every city or sub street into consideration. But if you want to get a real valuation on your home, you have to get an appraiser or a real estate professional, someone from our team to give you a valuation in your home. But this gives you an idea of which way the county is trending. That's why, again, we have the three years of data so you can see the trends, the pattern.
This is the last one that's more of a buyer statistic. How many buyers are out there? How many people are actually closing, signing for homes? One thousand nine hundred nineteen two years ago, 1,678 last year, 1575 this year. We can see a decrease in this. It's pretty standard throughout Metro Detroit as well. We've seen a pretty good decrease across the board here. There are seemingly more listings out there at times, but there are people fewer people closing. Where's that gap? Why is there that? Why is that gap widening? It could because of numerous things. It could be because people aren't making as much as it could be because interest rates are going crazy. Even though they are low, it could be trade deals, economic woes. The market does not like uncertainty and we definitely have uncertainty.
Very exciting to see. We need to keep our eyes on that going forward. But I just want to give you, as I said, I always give you guys this context and this data that way you can make the best decision for you and your family. You can see the patterns that are developing in your backyard. So I appreciate you guys being here with us, your time, your attention, your energy. It's the most important thing we have. I really appreciate you being here. If you have questions, comments, concerns, if you're on the podcast, go to @legacygroupmi. On Facebook or YouTube, go put your question, comment, concern there and we will answer them and get to them. We appreciate your energy, your time because it really is the most important asset we have. So thank you for spending it with us. We'll see you at the next one.