October 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County Real Estate Market Update for October 2019. Let's jump right into this. We always preface everything, every time we do this with two things. We preface it with three years of data that way we can see the pattern, see the trend. The trend is your friend. We also have that month in arrears because it's hot off the press. Just like the government gets their numbers the first Friday of every month, we bring you in the first couple of weeks of the next month. We bring you that month previous because we had the data fresh off the press. So let's jump right into this.
Days on market
This is the very first one, DOM. Anytime you see that it's average days on the market. Thirty-four two years ago, 34 last year and then 39 this year. So, an increase in days on market. We're seeing some changes now that we have not seen before. We're seeing this across Metro Detroit.
This is the number of homes on that day that were active on that one day. One thousand five hundred eighty-one two years ago, 1,721 last year, 1,951 this year. So more homes sitting on the market, remember that.
Month of the inventory
This is at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market. It's a very quick ratio to know what kind of market you're in. One 2 years ago, one month of inventory last year and then a month and a half this year. I don't have the decimals for you over here. You could probably round that up to two. But I'm going to show you here - one to three months is a seller's market where there's not a lot of inventory and sellers are really getting a great price for their home. Then four to six months is balanced. Seven-Plus is a buyer's market. This means that there's a lot of homes for sale and the prices are depressed. So we still can see Macomb County is a steep, steep seller's market still and sellers are really making out. We have a ton of equity in their homes right now.
This is the number of new listings that came onto the market in this month. One thousand eight hundred forty-five two years ago, 2002 last year, then 1,998 this year. So again, kind of consistent. We're seeing it right about that 2000 mark. Not a ton of change there going forward so that's good to see. It's good to see that didn't drop down a lot.
Price per square foot
One hundred dollars two years ago, $108 last year to $160 this year. Again, once in a while you get one of these 18 numbers that are kind of anomaly. And this might be one of those. Might be having some weird things where a bunch of abnormally high home prices was sold, things like that. But again, it just goes to show you the price is rising overall. We can see this trend in the prices rising and going up. If you take that multiply by your square footage, you can get that approximate price of your home. If you want a true valuation in your home though, you have to have a professional. You have to have someone on our team or an appraiser come and value your home though. Remember that. This is just a county-wide number.
This is actual closings, people signing on the dotted line. One thousand three hundred ninety-four 2 years ago, 1,401 last year and then 1,303 this year. So we have seen this through every county in Metro Detroit, a dip in the number of sold. So again, they were getting more listings out there in every County, but we're not having as many sold actually. So there's a discrepancy. It's growing and that discrepancy there. So what does that? Political uncertainty, geopolitics, rates, you name it. A lot of things going on. We're going to continue to watch that and we'll keep you updated.
That's our update from Macomb County. I hope you got something out of this. If you guys know anyone that would appreciate this or benefit this, please share it with them. If you're on the podcast, go to @legacygroupmi, on the Facebook channel or YouTube channel. Go question, comment there. We'll answer those. We love hearing from you guys and we appreciate your time, your energy because it is the most important thing we have. We love doing this stuff for you guys, but we do appreciate those of you who watch and give us feedback because it really means the world to have your time or attention and your energy. So appreciate it. We'll see you guys in the next one.