September 2019 Real Estate Market Update – Genesee County, Michigan
We have your Genesee County September 2019 Real Estate Market Update. Let's jump right into this.
We have three years of data because the trend is your friend, remember that. If we just showed you this year's data, it wouldn't make any sense. So we have three years of data that way you can see the pattern and see the trend going forward. We do the month previously because now the data is fresh off the press. We have it all in. The month is closed up. Now we can give it to you. So let's jump right into this.
Days on market
Average days on market two years ago was 38 in Genesee County. Last year was 35 days. This year, 35 days. So not as huge a change there.
Active homes in the market
This is the number of homes that are currently on the market. Six hundred fifteen two years ago, 883 last year, 978 this past September. But again, remember, that's one day. That's just one day. So it's a sample size of one day. When the data is taken, how many are on the market at that time? So that number could really vary. You just don't know. You got to keep that in mind. The trend though is trending up so that's why we have three years of data, but we have to look the rest of the numbers to really see how it plays out.
Months of inventory
MOI is at the rate homes are selling, how long would it take to sell every last home with no new homes coming on to the market? So one month of inventory two years ago, two months last year, and then again two months this year. Just to give you a little perspective on what that means - one to three months is a seller's market, meaning that there's not a lot of homes in the market. A lot of buyers and sellers are really having their way. This is a balanced market, four to six months and then seven-plus is a buyer's market. That means there's a lot of inventory, buyers are really making out and sellers are having a hard time. So that's a good ratio. Just to see where the market's at and that we don't really look at the rest of the numbers. Be honest here. A really quick way to say what kind of market we're in. Remember using that as a guide.
New homes in the market
Now, this is the number of new listings. This is a month-wide number. How many new listings came on the market, that was actively listed that month? This is more of a general monthly number but this one, which is just a singular day. New active listings that came on the market were listed that month, 613 two years ago, 644 last year, then 644 this year. So we're seeing an increase from two years ago. But also these last two years, '18 and '19 are very similar so far in the numbers.
Price per square foot
This is average for the County. Remember that if you multiply this number by your square footage, just gonna give you about what your home is worth. Still, if you need an evaluation of your home, you have to have a professional come, someone on our team, you have to have an appraiser come look at your property. Eighty-eight dollars two years ago, $98 last year, then $100. So we've gone up to $10 each year, so $20 over the last two years. So on average in the county, those prices have risen, obviously.
This is how many closings, actual people sitting down at a table, closing, signing their name and closing on homes. Five hundred thirty-six two years ago, 371, really dipped last year and then back up a little bit to 435. So it's good to see this number up a little bit. This number usually has a little bit of a delayed response to it, so we'll see how that goes. Playing forward, it looks like we have a little bit more listed, so we'll see how that goes into the winter months. Really, the fall and winter months. See how that plays out if there are more closings or what kind of happens there.
So that's your Genesee Market Update. We appreciate you guys. We appreciate you guys watching these for years now. We appreciate you watching them in the future, next month, the month after that and on and on and on. We appreciate your time and energy because it's the most important thing we have. So thank you so much, guys. If you're on the podcast, go to @legacygroupmi, on Facebook and YouTube channel. Go with your comments there, your questions, we'll answer them. Share them with someone you think might benefit from this. If they live in Genesee County, maybe you do yourself. So I appreciate you guys. We'll see you at the next one.