November 2020 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County Real Estate Market Update for November 2020. Let's jump right in. It's always prefaced with two things - we have three years of data that way we can see the trend. The trend is your friend. We want to be able to see what's going on. If there's only one year of data, it would not make any sense. Then we have November because the data is fresh. It's in hot off the press and we're ready to go. So let's jump into this.
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Days on the market
We have 40 days on market two years ago, 42 last year, and 36 this year. So we're seeing that across the board in Metro Detroit, we're seeing a decrease in the amount of time on the market, which is really to be expected. That's something that we are going to see going forward probably for the foreseeable future, really indefinitely.
Active homes in the market
This number is a one-day data sample. So how many homes are on the market at that given time when the data was taken? Five thousand five hundred ninety-two 2 years ago, 5,652 last year, and 3,411 this year. So a big decrease we've seen again across the board, a big decrease in homes in the market. We're going to see these numbers bear out a little bit more here.
Months of inventory
Three months of inventory two years ago, 3.6 last year, and then 1.76, we're seeing it cut in half, just like Oakland County was. The month of inventory cut in half. This is an incredibly deep seller's market. Just to give you context, one to three months is a seller's market, four to six months is a balanced market. And then seven-plus the buyer's market, meaning there's a ton of homes in the market. Prices are coming down on homes. This just shows you obviously why buyers are fighting over homes. There's not a lot out there and why prices are going up here, which we're going to see in a moment.
Number of new homes in the market
This is the number of homes that actually come onto market in the last month. Total is this is a month wide - 2,825 two years ago, 2,482 last year, and then 2,134 this year. So again, we're seeing a little bit of a decrease. The counties are a little bit all over with this, but they're about the same. They've been giving us about the same number throughout. So not going to be much change going forward. Some of them have been lower like this one. So again, expect to see the last homes in the market, less available, not good for buyers, great for sellers. If you're a first-time homebuyer, maybe it's going to be tough. It can be tricky. If you are a seller, it can be tough to go find something, unless you're going to rent with someone or you're going to move out of stage or downsizing maybe, or something like that. But just be wary of that. This is why we do this. So that way you can make the best decisions for you and your family.
Price per square foot
Eighty-nine dollars a square foot, two years ago, $94 last year, then $115 this year. So again, across the board, you can see that increase in equity. This is why we do this because this is a countywide number. It doesn't mean a ton when you're looking at it, just from, "Hey, multiply your square footage by this, and you're gonna get your approximate value." Remember, this is a county-wide number. If you want a true assessment of your home, you have to have someone on our team or an appraiser, someone who really get over and actually give you a valuation on your specific neighborhood, on your specific home, or your property
Sold
This is kind of the buyers, stasis statistic. How many people actually sold their house, actually sat at a table, and actually close at home? One thousand six hundred seventy-eight two years ago, 1,575 last year, then 1,937 this year. This is the one where we've seen an increase really across the board in all the counties. We're seeing that the glut of homes finally starts to run its course. Everything was stopped up in the spring and summer. Now, things are starting to kind of finally sell, working their way through the system. I expect that number to go lower, probably drop below these previous year's numbers starting in January, February, March, because we got way less on the market and way less going on the market going forward, as well as you can see in this number and this number.
So I appreciate you guys a ton for tuning in your time. Your attention and energy is the most important thing we have. Feed the mind with the time we have, and this is why we do this. This is why we've been doing this for five years that way we can give you the best data possible. We have a catalog for people to be able to go back and see what is truly going on overtime in each County in Metro Detroit. So appreciate you guys more than you know. If you're on the podcast @legacygroupmi @legacygroupmi, on Facebook and YouTube, put your questions, comments, concerns there, see what's going on and we'll get to them as soon as we can. We appreciate you guys and we'll see you at the next one.