October 2020 Real Estate Market Update – Livingston County, Michigan

We always preface with a couple of things here. I've been giving this data now for five years running and do the same thing every time and try to be consistent with it. Right? So this is three years of data because we have the trend. The trend is your friend, remember that. That's why we have three years of data. If we just gave you this year of data, it wouldn't make any sense. Then we have the month in arrears because now we have the data. It's fresh. It's all compiled. It's now finalized. We can give it to you. So let's jump right into this.

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Days on market

Forty-Nine days two years ago, 43 last year, and 43 this year. So stabilizing a little bit the number of days a property sits in the market.

The active number of homes on the market

This is a month-wide number in the county. So all the homes on the market at the time on the day the data was taken - 876 two years ago, 889 last year, 452 this year. So we're seeing this across the board. The numbers kind of half now which is very, very scary.

Months of inventory

We see it right here - 3, 3.4, and then 1.5 months of inventory this year. So three, and then all the way up to three and a half and it's down to a month and a half months of inventory. That's at the rate homes are selling, how long would it take to sell every last one with no new homes coming on the market. Just to give you context, one to three months is a seller's market where there's not a lot of f inventory and the prices are going up. Four to six months is a balanced market. And then seven plus is a buyer's market. Meaning there's a lot of inventory and prices are coming down. So you can see we are well situated into a seller's market and have been really for many years now.

New homes in the market

Three hundred ninety-one two years ago, 446 last year, and then 316 this year. So this is countywide, this is month wide for the entire county. This gives you a bigger, better picture of what's going on. This is how many homes are listed on the market and it's down again. We're seeing this across the board as well in the Metro Detroit area. So that leaves us really vulnerable in November, December, January, and February. You see what's going on. See what kind of inventory you have, what kind of home pace we have because it's already starting to slow more than it was the last few years and in the last handful of years. I keep saying like a broken record. They're already bad. They're already low inventory years and we are hemorrhaging homes to this point.

Price per square foot

$151 two years ago, $157 last year, and $171 this year. Again, we're seeing the same trend, really steadily going up in price. If you multiply this by your square footage. You're going to get the approximate value of your home. Remember, it's a countywide number though. If you want a true valuation of your home, you have to have someone on our team or a professional, appraiser come over and look at your home and give you a true valuation.


This is the number of people actually signing, sitting on a closing table, closing on homes. Three hundred eight two years ago, 259 last year, and 297 this year. So again, a little bit of a bump up. We're seeing pretty much the same thing. Give or take a few homes here, but that's good to see. This is really a lagging indicator. This is what was happening in the month previous, and now they're closing. So going forward, we're seeing not a lot of homes in the market. So we're going to see how this number plays out over the next few months in the sold category.

So appreciate you guys. That's all we have today for Livingston County. We tried to get you in and out of here as fast as possible. Really appreciate your time, your energy, and your attention. It's really the most important thing to have. So our mind, our time, using our mind to get smarter, using our time to get smarter with our mind. I appreciate you guys more than you know. So if you're on the podcast, go to @legacygroupmi, on our YouTube channel, or our Facebook page. Go check it out there. Questions, comments, concerns, we'll answer them there. We appreciate you guys. And we'll see you at the next one.