We have your October 2019 Real Estate Market Update for Genesee County. Let's jump right into this thing. I always preface every video with a couple of things. We have two things, basically, we go over. That's three years of data and we have the month in arrears because now we have all the data at hand. We'd give you the freshest data. We have three years of data also because now you see the pattern. The trend is your friend, right? If we just had one year of data this year, it wouldn't make any sense to you. So you can see three years of data. That way you can see the pattern, you can see where things are going and help you with your investing or selling. So let' s jump right into this.
Days on market
DOM - anytime you see that it's average days on market. Fifty-three in 2017, 38 last year and then up to 46. We're pumped up this year. A little bit bump up. We're seeing that kind of in the last few months. We've seen that across the board in Metro Detroit. A bump up in the days on market and in some of these stats here. So we'll see how this plays out going forward.
Active homes in the market
Six hundred fifty-nine two years ago, 920 last year, then 988 this year. Again, this is just a one-day sample size. So when the market data is taken and it's taken off that one day, how many active homes are in that county? So take it with a grain of salt, but again, you can kind of see the trend. That's where the trend comes in. It's very important.
Month of inventory
One 2 years ago, two months of inventory last year, and then two months of inventory this year. This is a ratio. So it's at the pace homes are selling now, how long would it take to sell every last home with no new homes coming on the market? That is your months of inventory, what MOI stands for. To give you a quick ratio to know what market you're in, just so you know what the markets are - one to three months is a seller's market, meaning there's not a lot of inventory and there are great prices. Four to six months is a balanced market and then seven-plus is a buyer's market. That means buyers are having their pick of the litter. There's a lot of houses out there, they're getting good prices. So you can still see we're still in a seller's market. Again, the quick ratio for you to know.
New homes in the market
This is the number of new listings that came on the market that month. Six hundred sixty-four two years ago, 686 last year, then 688 this year. So pretty consistent across the board. Actual new listings coming in the month of October. But again, it's still a trend upward, more listings coming out, which is good because these years were really down. So we're seeing a little bit of trend upward, which is good.
Price per square foot
Eighty-eight dollars two years ago, $90 a square foot last year and at $108 this year. So a big jump up there, almost $20 a square foot. That's a countywide number. Remember, if you take your square footage and you multiply by that, you're going to get the value approximately of your home. If you need a true value, you gotta have someone on our team, an appraiser or a real estate professional, come in, value your home. But that will give you an idea. But again, remember that the trend is more important here where you're saying "Wow, our home values are really been rising."
These are actual closings, people at a closing table, 507 two years ago, 522 last year, then 478 this past October. So again, because this is a lagging indicator, you have some of the previous data where there's not as much inventory necessarily. You get fewer closings. We're going to see it now. There's more, it looks like there's a little bit more inventory out there, how that kind of compares going forward. That will be in the next couple of months, we'll see how those listings play out.
So I hope you guys got something out of this. If you're listening on the podcast, go to @legacygroupmi, on Facebook and YouTube. Put your questions, comments, concerns, there? We love to answer everything. I appreciate you guys sharing this and all the feedback we've gotten over the last four or five years since we've been doing a lot of videos. So I appreciate that a ton and I appreciate your time and energy because it's the most important asset we all have. So appreciate you guys. We'll see you at the next one.