November 2020 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County Real Estate Market Update for November 2020. Let's jump right into this. I always preface this with two things and that is we have three years of data. We want to see the trend. The trend is your friend. So we want to be able to see what is going on with the trends. If we only have one year of data it would not make any sense, right? So I want to see three years of data. We also have November, the month in arrears. It's hot off the press, ready to go. That's why we are looking backward to look forward. So let's jump into this.
Days on market
Thirty-eight, 40, and then 27. We're seeing this across the board, a huge drop in the number of days in the market because it's a seller's market. We're going to talk about that here in a minute.
Active number of homes
This is a one-day data sample. So at the time that the data was taken, how many homes are on the market at that time? One thousand six hundred ninety-two 2 years ago, 1,791 last year, and then 1,027 this year. We're seeing this across the board as well, a huge decrease in homes on the market. This is why buyers are fighting over homes. And this is why sellers are making out. Simple as that, supply and demand.
Month of inventory
At the rate homes are selling, how long would it take to sell every last home with no new homes coming on the market? Two years ago, one month inventory, one and a half last year, and 0.75 this year. So just to give you context, one month inventory or one to three months is a seller's market, four to six is a balanced market. Then seven-plus is a buyer's market. So that just goes to show you how deep of a seller's market we're in right now. So that is the story with that. And that's a quick ratio to see what market we're into now. "Should I sell right now? Should I buy it right now? What should I do?" You want to be buying when it's seven-plus, eight or seven, eight, nine, 10 months of inventory, especially if you're a first time home buyer or something like that. If you're selling and say you're downsizing, or you're trying to get out of the state or you're going up North, or you might be able to go rent with somebody, this is where you want to sell in a market like this when there's no inventory and you're making or you're writing your own check, basically.
New homes in the market
This is a month-wide number. This is how many homes actually came on during the entire month? One thousand four hundred seventy-eight two years ago, 1,376 last year, and then 1,307 this year. So we're seeing a good - I'll say somewhat consistent, I guess. But we're seeing this across the board in Metro Detroit as well as all the counties that we're seeing, all the five big counties. We're seeing a little bit of a decrease here as well, which again, doesn't bode well going forward, as we already know. We're at super low inventory levels, it can't go much lower as you know. So it's going to be a wild, wild ride going forward here.
Price per square foot
It's $103 two years ago, $104 last year, $129 this year. So again, a big increase in price per square foot. If you multiply this by your square footage, you're going to get the approximate value of your home. More importantly, though, we want to see the trend that's obviously trending up. There's not a ton of inventory. So prices are going up. Your equity is increasing in your home. Whether you're refinancing, pulling cash out, selling your home, and extracting the equity. But this is why we have three years of data because we want to see this. If you want an actual evaluation in your home, you have to come to talk to someone on our team or an appraiser or someone to give you an official evaluation. Because this is a county-wide number, remember that.
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Then the number of sold properties or amount of people actually sitting at a closing table, selling and closing on a home. One thousand one hundred twenty-eight two years ago, 1,209 last year, and 1,357 this year. Again, we're seeing a little bump up because of the homes coming on the market and kind of falling through the system now. Because we got stopped up obviously in the spring and summer. And now it's starting to kind of fizzle out. We'll see, going forward. How many homes are selling though? That's the real question.
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