November 2020 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County November 2020 Real Estate Market Update. Let's jump right into this thing. We always preface with three things for the last five years we've been doing these videos, giving them to you every single month. That way you can make the best decision for you and your family. So let's jump right into this. Three years of data, we want three years of data because we want to see the trend. The trend is your friend. Remember if we're just seeing one year of data, it won't make any sense, right? It's not going to make any sense if we just have one year. So we need two or three years of data so we can see the trend and the pattern. Then we have the month in arrears, November because the data is hot off the press now. It's finalized. We got it. We're good to go. So let's jump right into this.
Days on market
Average days on market here - 47 days two years ago, 59 last year, and then down to 41 this year. So we're seeing a big drop off, obviously in the days on market, which is really huge. A big thing, good thing for sellers obviously. We're gonna see here in a minute in greater detail.
Active number of homes in the market
This is a one-day sample size. When the data was taken, how many homes were active on that given day? Seven hundred ninety-eight two years ago, 789 last year, pretty consistent. Then 383 this past year in November. So just absolutely insane what's going on here, obviously with the market stats and you have to follow these things. You gotta follow the trends in order to make decisions predictably and confidently.
Month of inventory
MOI - what it stands for is a quick ratio so that way you don't necessarily have to go through all this, but the quick ratio to know what kind of market we're in. At the rate homes are selling, how long would it take to sell every last home with no new homes coming on the market? Four months of inventory 2 years ago, three and a half last year, and down to one and a half this year. So obviously hemorrhaging homes, we don't have a ton of homes on the market. One to three months as a seller's market, just for context, four to six is a balanced market. And then seven-plus is a buyer's market. Meaning there are tons of homes in the market and prices will come down. So as we can see here, we are in a very heavy seller's market. And it's really like that across the board here in Metro Detroit. We're seeing that in a lot of parts of the country too, quite frankly.
New homes in the market
This is a month-wide number. So how many homes actually came on the market during the entire month? Two hundred seventy-seven two years ago, 253 last year, and 250 this year. So, a little bit down. We're seeing this across the board as well, a little bit down going forward. So I expect these numbers to be a little lower going forward as well in the coming months.
Price per square foot
It's $145 a square foot two years ago, $151 last year to $163 this year. So if you multiply that by your square footage, you're going to get approximately the value of your home. If you need a true appraisal done in your home to get an actual value, you got to have an appraiser or someone on our team, a professional comes and actually see your home. Remember, because this is a countywide number. This is not your neighborhood, your subdivision, or something like that. Or your comparable homes are being looked at. This is just a county-wide number. One more important here is to see is the trend. Obviously, we have good equity growth in this trend, and that's what we want to look at here.
Sold
Sold is the number of people actually closing on a home, actually sitting down at a table and purchasing homes, signing on homes. Two hundred six two years ago, 230 last year, and 268 this year. So we're seeing this across the board, and uptake here with the glut of homes really kind of starting to finally go through. We're starting to kind of finally selling all the remaining homes that have been flooded on the market over the last three to five months because of the hold-up earlier in the spring and in the summer.
So that's your Livingston Market Update guys for November 2020. I appreciate you guys, your time, your energy, your attention, your mind, and your time, they are the greatest assets we have. So spending our time to feed our mind, it's the only thing we can do. I appreciate you guys sticking around with us. If you're on the podcast, go to @legacygroupmi, go there, that's our Facebook and YouTube channel. Go check it out. Questions, comments, concerns, we'll answer them there. We look forward to seeing you guys in the next one.