November 2020 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County Real Estate Market Update for November 2020. Let's jump right into this. So we always preface every video with a couple of things. We have three years of data that way you see the trend, the trend is your friend. So remember that very important, right? If we just have one year of data, it wouldn't make any sense. So we have three years of data and we have the month in arrears because now we have the data fresh off the press, hot off the press, ready to go. So let's jump right into this.
Days on market
We're gonna fly through these and keep you guys three to four minutes, hopefully. Thirty-Seven days in the market two years ago, 46 last year, and down to 28 this year. So we're seeing that steady decrease in days in the market and prices going up subsequently. People are battling it out.
Active homes in the market
Eight hundred fifty-four two years ago, 872 last year, 477 this year in November. That is insane. That is the one-day data sample. So at the time, the data was taken, what was that number look like? In a minute, we're going to have the monthly number.
Month of inventory
Two, two, and one. What that is at the rate homes are selling, how long would it take to sell every last home with no new homes entering the market? Just to give you context, one to three months is a seller's market, four to six is a balanced market, seven-plus is a buyer's market. So, you know, seven buyer's market being there's a lot of inventory and price are down. So we are obviously in a big, heavy seller's market right now and have been for years. So it just is getting worse than inventory going lower. Why that's happening is for another video. We're gonna dive deeper into those topics in other videos, in our Insider's reports.
New homes in the market
This is - month wide number - 479 two years ago, 401 last year, and 416 this year. So again about the same number of homes coming on in the month of November, which is good to see going forward.
Price per square foot
Two hundred fifty-eight dollars, that's an outlier so kind of disregard that. We have one of those numbers out of the 16 usually it is like that. So for whatever reason, there are 18 numbers, sometimes we have that where there are some anomalies happening, but $97 square foot last year, and then $113 this year. So again, the price is going up as you can see there. If you multiply that by your square footage, you're going to get approximately what your home is worth. Remember if you want an actual value on your home, though, you have to have an appraiser, a professional, someone on our team come and actually give you an appraisal on your home and to see what the true value of your home is. Because remember, this is a county-wide number, so really important to remember.
This is the number of people actually closing on a property, actually sitting down at a closing table and purchasing properties. Four hundred eight two years ago, 384 last year, and then 484 this year. So that glut of homes is still coming through here in the market in the last couple of months really and fizzling out finally. But this, I would expect to slow down a little bit going forward because we're seeing fewer homes going in the market in the last couple of months than we have previously. So I would expect this to slow a little bit if that time of year as well here in Michigan.
So remember that keep that in mind, we're going to give this to you every single month because we're doing this for five years now, five-plus. We want to give you the most updated information. That way you can make the best info and decisions for your family. So stay tuned here. We're going to be doing this. Like I said, whether it's at the office, here, whether it's at home, wherever it is, we're going to be giving this info to you so you can make the best decisions for you and your family. Appreciate your time, your attention, your energy. It's the most important asset we have using our time to feed our mind. And that is what I'm grateful for. I'm grateful for you being here and doing that with us. So I appreciate you guys and look forward to seeing the next one. Again, we're going to have December to end out the year in about three, four weeks from now. We'll have December end now 2020, this crazy year. I would expect to see more of the same though. And I look forward to seeing you guys in the next one.