November 2020 Real Estate Market Update – Oakland County, Michigan
We have your Oakland County Real Estate Market Update for November 2020. We always preface with two things - we have three of the data that way we can see the trend. The trend is your friend. You want to able to see what's going on here. Because one year of data would not make any sense. And we have November because we have the data. It's signed, sealed, delivered. It's fresh hot off the press. We are ready to dive right in. So let's do this.
Days on market
Forty-Eight days on market two years ago, 50 last year, and 39 this year. We're seeing this across the board. A big drop-off in days on market. Homes are not lasting long. And we're going to dive into this a little bit more and we'll see why.
Active number of homes in the market
This is a one-day data sample. At the time the data was taken, how many homes were on the market on that day? Five thousand four hundred thirteen two years ago, 5,307 last year, and then 3,243 this year. So just an incredible lack of inventory here, especially in Oakland County. It really is remarkable with what's going on.
Months of inventory
Just to give you context, we thought in the last few years, there's low inventory because the data was telling us such. I mean, you see these and there really was low inventory. And now we are seeing just crushing levels of inventory. Months of inventory is at the rate that homes are selling, how long would it take to sell every last home with no new homes hitting the market? Three months inventory two years ago, 3.4 months of inventory last year, and then 1.65. So in half, it's got, it's cut in half, 50% retracement here. Just to give you context - one to three months is a seller's market, four to six is a balanced market, and seven-plus is a buyer's market. So just to give you an idea of how deep the seller's market went right now, which means sellers are making out big. That's why buyers are fighting for homes.
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New homes in the market
This is a month wide number - 2,514 came on the market two years ago, 2,253 last year, and then 2,054 this past year. So again, a decrease in homes going forward, which does not bode well, just expect these numbers to go down a bit.
Price per square foot
One hundred twenty-four dollars two years ago, $133 last year, and $149 this year. So again an increase each day or each month going forward over the last couple of years and which is why we have three of the data. One year of data wouldn't make any sense. If you multiply this by your square footage, it's going to be approximately what your home is worth, but we want to see the increase in equity here. That way you'll know should I pull cash out? Should I refi? Should I sell my house and extract that equity? You need a professional over here, though. You need someone on our team or someone like an appraiser to come and give you an evaluation of your house, because remember this is a countywide number.
This is the people actually closing on the home, sitting at a closing table - 1,679 two years ago, 1,572 last year, and then 1,971 this year. We're seeing this little increase over the last few months, really in all the counties. A little increase going forward because of the glut of homes that came on at the end of summer and fall and they're now starting to fizzle out. But again, you have a low inventory going forward. So the first quarter of this year, I wouldn't expect a ton of home sales as we might normally see.
So appreciate you guys a ton. This is the market update for Oakland County in November 2020. I appreciate you guys, your time, your attention, and your energy. It's the most important thing we have. Feeding the mind, using our time to feed our mind. We want to make the easiest possible for you to make the best decisions you can for you and your family. So if you're on the podcast, go to @legacygroupmi, on the Facebook and YouTube channel. You go question comment, your concern there, and we will answer them and get back to you as soon as possible. We look forward to seeing you at the next one.