October 2019 Real Estate Market Update – Livingston County, Michigan
We have your October 2019 Real Estate Market Update for Livingston County. Let's jump right into this thing. I preface every single one of these for two things. We have the month in arrears because we have the data now. October is finished, the month previous has finished. We have everything. It's all in. We have it for you fresh hot off the press. We have three years of data because we want to see the trend. The trend is your friend. You have to be able to see the trends and patterns. If we just give you one year of data, it's not gonna make any sense. So look at the trends, use them as your friend and you're going to be way better off in the long run because of it. So that's why we show you the three years. Let's jump right into this.
Days on market
DOM, whenever you see that, it just means the average days on the market. Forty-seven days on market two years ago, 49 last year, then dropped down to 43 this year. So last time in the market, homes are spending this October than the previous Octobers even which of those we're getting down there too. So we were really getting down there.
Active homes in the market
Seven hundred sixty-nine two years ago, 876 last year and then 889 this year. Homes are sitting around a little bit more. Because again we weren't seeing generally a ton of new stuff. We were a few bumps, but homes are sitting a little bit more. Some interesting stuff happening in the market. I think the next few months are really going to be fascinating to kind of see how the numbers play out. I could possibly see the numbers going and start going another direction actually a little bit. So we'll see how the next couple of months play out. But be on the lookout for that.
Months of inventory
Two months two years ago, three months last year, three months this October. What that simply means, it's just a ratio so you'll know very quickly what kind of market you're in. Months of inventory is a date that's at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market? Just to give you a perspective, one to three months is a seller's market. That means there's not a lot of homes out there. Sellers are really making hay. Four to six months is a balanced market. Then seven-plus is a buyer's market where there's a ton of homes for sale. Maybe there was a crash, a recession and their prices are really depressed. So it gives you an idea. We're still in that seller's zone, seller's market. A really good time for sellers to sell.
New homes in the market
This was a new listing. This is active. So this is a one-day sample. How many were active on that day? This is a monthly stat of how many new listings came on in the month of October in total. Three hundred eighty-seven two years ago, 391 last year., 446 this year. Again, a jump up in listings going forward. So it can be very interesting to see what happens with these market numbers over the next couple of months.
Price per square foot
One hundred forty dollars last two years ago, $151 last year, $157 this year. We've seen again an increase going up over the last few years. The pattern is huge here because if you're in Livingston County, you multiply your square footage by $157, you're going to get about what your sales price is. Just a general evaluation. However, the trend, more importantly, is that home values are rising, right? So if you're a seller, that means more equity. That's huge for your net worth, right? Maybe you want to sell and get that equity out, whether you want to refinance, whatever it may be, right?
Sold is the number of closings that people are actually signing and closing on homes. Three hundred eleven two years ago, 308 last year and then down to 259 this year. We saw the same thing in Genesee County. Some of the other counties in Metro Detroit we're seeing a little dip in sold because the last few months there wasn't a ton of inventory necessarily. But we're really seeing it's very fascinating. We're really seeing some pullback in the market a little bit with the sold property. There's a lot of things going on obviously. Rates are going crazy politically. There's a lot of stuff going on. People hate uncertainty. The markets hate uncertainty. So be on the lookout for that. It's a very interesting sign going forward. We're gonna keep our eye on it and we'll keep you updated. But it's gonna be interesting.
So that's the Livingston County update, guys. I appreciate it. If you're on the podcast listening, go to @legacygroupmi, on Facebook, on our YouTube channel. Go question, comment, the concern there. We will answer them. We appreciate it. If you know anyone in this area that might benefit from it, please share it with them and we appreciate your time, your energy. It's the most important thing we have. So I appreciate you sharing that with us and we'll see you on the next one.