We've been doing it for five years or five-plus years. We always preface with two things. We give you three years of data because the trend is your friend, remember that. You are investing, whether you know it or not, assets and liabilities, that's up to you. Whether you're investing in assets, whether you're investing in liabilities. We have other videos that talk about the difference. We have three years of data. If we just gave you one year of data, it wouldn't make any sense. So me, my job is to inform the sellers, to inform the homeowners, the property owners, people out there as to what's going on in the market. That way they can make informed decisions for themselves in their family. So we need three years of data. That way you can see the trend. And we had the month on the rears because now we have everything finalized. All the numbers are in. So let's jump right into this
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Days on market
Forty-four days on market two years ago, 49 last year, and 40 this year. So we have changed. We're seeing very similar stuff all around southeast Michigan, and this is pretty identical to what's been going on. At least the rate of change, actually.
The active number of homes in the market
Five thousand seven hundred twenty-seven 2 years ago, 5,938 last year, and then 3,698 this year. That's a one-day data sample. So at the date-time that the data was taken one day, that's how many homes on the market. So again, that's across the board all these times, and we're seeing this across the board as well. We're seeing 50% retracements in the other counties. We're seeing last year in Oakland County. This is better than most counties, but still not good. That is not good going forward.
Months of inventory
Three, three, and then 1.63. So you basically went in half, it's gone down by half. One to three months, to give you context, is a seller's market and not a lot of inventory like we're in right now. The prices are going up. Four to six months is a balanced market in seven-plus months is a buyer's market like what we had 10 years ago when there was a ton of inventory and prices are down.
New homes market
This is a month-wide number - 3,461 two years ago, 3,405 last year, and 2,982 this year. So we have fewer homes coming on the market this month. We're seeing that everywhere across Southeast Michigan. So not good, not doesn't bode well for November, December, January, February. What's going to happen? If there's not a lot of homes in the market, how the heck are those that are sold? Well now, so we're seeing this. These are already low months, low inventory months. Well, that's going to happen even more. So let's buckle up.
Price per square foot
$140 a square foot two years ago, $130 a square foot last year, $149 this year. So if you take that and multiply it by your square footage, you're going to get the approximate value of your home. Remember, it's a county-wide number though. The trend is huge. You want to see the trend. You want to see which way your equity is going which is huge. We've got a steady increase because of low inventory. The prices are going up forever. If you want an actual evaluation of your home, you have to come to see someone on our team. You have to ask somebody here. You're going to ask an appraiser to come out of your home and get you your actual evaluation, true valuation in your home. This is just giving you more of the trend as to what's going on.
This is a lagging indicator, but it's people actually closing on a home that month. One thousand eight hundred ninety-six two years ago, 1,914 last year, and then 2,268 this year. So we're seeing this across the board as well. We're seeing a jump off this year all over it's because of the glut of homes that were on the market the last three to four months. Things were stopped up here in Michigan. Then they released everything over the last six months and things are now finally settling down. But look up here what we just go through, we have less inventory on the market now going forward. So what's going to happen in this sold category in the next few months? We'll see. Stay tuned.
October 2020 Oakland County Real Estate Market Update guys. I appreciate your time, your attention and energy is the most important asset we have along with your mind, using our time to feed our mind to inform ourselves and make the best decisions possible. So we appreciate you guys. If you're on the podcast, go to @legacygroup Am I on our Facebook or YouTube channel? And we will answer your questions and comments there, and I'll see you at the next one.