September 2019 Real Estate Market Update – Macomb County, Michigan
We have your Macomb County September 2019 Real Estate Market Update. Let's jump right into this thing. So I always preface every video with a couple of things. We have the month in arrears because the month is now done, the data is in and we have the information for you. We have three years of data because you have to see the trend. The trend is your friend. If we give just give you one year of data, it's not gonna make any sense. So we got to give you three years of data that way you can see exactly what's going on. So let's jump right into this thing.
Days on market
Anytime you see DOM, that's average days on the market. Thirty days on market two years ago, down to 27 last year and then up to 33 this year. So more days on the market. You got a lot of crazy stuff going on right now. That's for sure.
Active homes on the market
One thousand seven hundred twenty-three 2 years ago, 1721 last year, almost identical. And then up to 2003 this year. So again, that's one-day data though. That's one day sample of what's on the market the day the data was taken. Remember that the trend is more important here than the actual number itself.
Months of inventory
One, one, two, actually 1.61, rounded up here. These years of data, we didn't have the actual to the decimal point, but I'm sure it was around one and a half. Same thing. So it was changed maybe a little bit. But this is really important because this gives you a quick example of where we're at in the market. One to three months is a seller's market. Four to six is a balanced market, and then seven-plus is a buyer's market. So now you know really quickly where you're at in the market. This is just incredibly important as an investor, as a retail buyer or whatever it may be, you got to know what kind of market you're going into, what kind of market you're in or else you're gonna make bad decisions. So we have 1-1-2. As I said, we are in a seller's market, still steep seller's market. Once the inventory starts increasing over time, then maybe we'll get towards more of a balanced market hopefully. Good thing for a seller though right now. Right? So, at the rate homes are selling, how long will it take to sell every last home with no new homes coming in the market? That's what months of inventory stand for.
New homes in the market
Now, this is new homes that were actually listed on the market in that month. This is more of that monthly number. This one-day number here, new homes - 2014 two years ago, 1,925 last year and then 2017 this year. So we're back up a little bit again to 2017 levels, which is good to see. Hopefully again, this balances out a little bit more going forward.
Price per square foot
$102 years ago, $106 last year and $122 this year. Inventory shortages previously are gonna equate to higher prices obviously, right? Less supply, more demand, higher prices. If you take this number and you multiply by your square footage, it'll give you approximately what the value of your home is. I remember though, this is countywide data, so if you really want the evaluation on your home, you have to have a professional come to your home and actually give you a valuation on your home. You have to have someone on our team and appraise, or someone come give you the valuation on your home.
These are actual physical closings, people signing documents and closing homes. One thousand three hundred eighty-six 2 years ago, 1,239 last year, and then 1,241 this year. So again, down just a tad, don't see that a ton or you don't see huge, huge changes usually unless there's depression, recession or depression, something astronomical happening. You know, some type of big event that's going to really impact a buyer. So this is really more of that buyer statistic.
Anyway, that is your Macomb County Market Update 2019 for September. I hope you guys got something out of that. If you know someone in Macomb County, someone that might benefit, please share it with them, tag them. If you're listening on the podcast, go to @legacygroupmi and on our YouTube and Facebook Page. Go put your questions, comments, concerns there. We will answer them. I appreciate your time, your energy. It's the most important thing we have. So I really do appreciate that. And we'll see you at the next one.