October 2019 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County October 2019 Real Estate Market Update. Let's jump right into this thing. So we have two things. We preface every single video every time. October 2019, we have the month previous, we're doing in arrears because we have the data now. We have everything that we need and we have it fresh off the press. So we're going to get it to you. Just like the government does, right? In the first couple of weeks, the next month we get you the job numbers. Well, we're giving you the housing numbers. Three years of data because we want to see the trend. The trend is your friend. Those patterns develop when you can see the trends and the numbers. If we just gave you this year of data, it wouldn't make any sense, right? So let's jump right into this thing.
Days on market
This is average days on market, DOM, 37 two years ago, 34 days last year and 40 days this year. So we're seeing that across the board. An arising of the days on market houses are sitting.
Active number of homes
Five thousand two hundred fifty-three two years ago, 5,621 last year, 5,985 this year. We've seen this across the -board as well. An increase in the number of homes on that day that we take the data. It's a one day. So how many homes are actively listed on that day that we take the data. We've seen that across the board, an increase in the number of homes sitting on the market. Again in correlates with that number, homes sitting longer.
Months of inventory
This has gradually increased over the last few years as well. Two months of inventory 2 years ago, three months of inventory last year, three months of inventory this year. 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 coming onto the market. So just to give you some context, one to three months is a seller's market meaning there's not a lot of homes for sale and sellers are really making out. Four to six months is a balanced market and seven-plus is a buyer's market where there's a ton of homes in the market and the prices are depressed. Maybe like in 2009-2013 when you're in the 10, 15 to 20 months of inventory area. So that's months of inventory, a quick ratio to know what kind of market you're in. As you can see, we're still in a seller's market. Sellers are still making out, but we're gradually kind of going a little bit more towards that balanced market.
New homes in the market
Two years ago, we had 3,137, we had 3,384 last year and then we had 3,309 this year. Somewhat consistent here from last year, which is good to see a little bit of a drop-off. This is a number of new listings that came onto the market in that month actually. So that is a month-wide number. Down a little bit, but not too much really. Not much at all. So it's good to see pretty consistent across the different counties here in Metro Detroit, which is good to see.
Price per square foot
Price per square foot is $86 a square foot two years ago, 93 last year, then 94 this year. So again, a steady increase over the last few years. That's the important thing. The trend, that pattern is the important thing. If you take that number and multiply it by your footage, it's going to give you about what your home is worth. An approximate value. Remember, if you want a true valuation, you got to have someone from our team, a professional or an appraiser, someone to come out and give you a value on your property. This just gives you the trend in where things are going, where your county's been going and if prices are going up.
This is the number of people actually closing, sitting down, signing on a dotted line. The number of sold properties - 2,214, two years ago, 1,891 last year. So a dip there and then back up a little bit to 1,913 properties this year, which is good to see. I believe one of the only counties where they had an actual increase in the days on market -Oakland County did have about the same exact increase actually. So very, very similar. Those are the only two counties, Oakland County and Wayne County, that had a little bit of an increase in the number of sold. So that's good to see as well. Those were two of the biggest counties.
So appreciate you guys watching and tuning in to the Wayne County Update. If you got anything out of this, please share it with someone, maybe someone that lives in the area. If you know someone, share it with them. If you're on the podcast, go to @legacygroupmi, on our Facebook or YouTube channel to go question or comment there and we'll get back to you. We appreciate your time. Your energy is the most important asset that we have and we thank you for sharing that with us. We'll see you guys in the next one.