October 2020 Real Estate Market Update – Genesse County, Michigan
And again, a couple of things - we preface every single time. We have been doing this for five years now, like I said, whether we're in the office or outside in the cold, where are we doing this, bringing you guys the most up-to-date information for you and your families. You can make the best decisions for yourself. So we have the month in arrears, that way we have all the data. It's finally in, it's compiled, it's finalized, where we can give it to you. We give you three years of data that way you see the trend. The trend is your friend, remember in investing. If you only have one year of data, it wouldn't make any sense. So let's drop right into this.
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Days on market
Thirty-eight days on market two years ago, 46 last year, 31 this year. A big decrease over the last couple of years here, if you've seen this year. So how's the flying off the market in Genesee County.
Active homes in the market
Nine hundred twenty-two years ago, 998 last year, 491 this year. Up in Genesee, we're seeing a huge decrease in the active number of homes in the market. Remember, that's a one-day sample size though. On the day the data is taken, how many homes are actually on the market at that time. So just keep in mind that.
Months of inventory
Two, two, and one. So this is exactly two basically and that's exactly one. So what that means is that at the rate homes are selling, how long would it take to sell every last home if no new homes came on the market? That's what that entails here. So just to give you context, one to three is a seller's market, meaning there's a lot of buyers out there and not a lot of inventory like we are in right now. Four to six months is a balanced market, seven-plus is a buyer's market meaning there's a lot of inventory.
New homes in the market
This is a month wide number. How many homes actually came on the market that month? Six hundred eight-six two years ago, 688 last year, and 626 this year. So still a decrease going forward with how many homes are actually in the market, which again was frustrating. Good for sellers, very good for sellers, but it's frustrating overall to market because it's grinding the market to really standstill as a whole. What happens is it's good for sellers right now. However, it will, if this continues happening and will discourage buyers as well, which ultimately hurts sellers. It's a vicious cycle.
Price per square foot
$90 square foot two years ago, $108 last year, and then $183 this year, a big jumps up because of the lack of inventory. There ain't' not a lot of inventory on the market. So that's why we're seeing fewer days in the market. The prices are really drumming. These numbers probably a little bit of an anomaly. Might've had some weird ones in there, but just say it was 140, 150, it's still big increases, big jumps up. Remember that's a countywide number. You take your square footage and multiply it by that, you're going to get approximately the value of your home. If you're wanting an actual evaluation though, you got to have someone on our team. You got to have an appraiser, a true professional come and actually give you a valuation with the whole home.
These are the people actually sitting at the closing table, closing at a home - 522 two years ago, 478 last year, 563 this year. That's good. We've had little more homes in the market. The little glut of homes that came on last in the fall months. We're seeing that kind of start to fill out though now, and all those properties are being sold. That's why we're seeing that number up a little bit. Remember going forward, you got low numbers here. So November, December, January can be interesting.
So that's the Genesee County Market Update October 2020 guys. I really appreciate you guys tuning in and being with us here. We appreciate your time, your attention, and your energy. Truly the most important asset we have is our time and our mind. So using our mind a little bit to get smarter, using our time to develop that mind. Right? So thank you, guys. We appreciate you and see you at the next one.