September 2019 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County September 2019 Real Estate Market Update. So let's jump right into this thing.
We always preface with two things. We have the month in arrears because we have the data fresh off the press, ready to go in the hopper here for you. So we have that. We have three years of data because the trend is your friend. We want to see the pattern. If I give you one year of data, it wouldn't make any sense to you. So let's jump right into this thing.
Days on market
Thirty-five days in the market 2 years ago, 33 days on the market last year, 39 this year. We're seeing this across the board, an uptick in days on market everywhere. Average days on the market.
Active homes in the market
Five thousand two hundred fifty-three 2 years ago, 5,347 last year, then 6,029 this year. This is a one-day sample. So when the data is taken, how many homes are on the market on that day? So remember the trend is more important here than the actual number.
Months of inventory
Two-two-three. We are up to three now, over three actually 3.35 to be specific. So this is increasing. This is at the rate homes are selling, how long would it take to sell every last home without any new homes coming to market? So how long would it take to sell the existing inventory? This is a quick ratio to tell you what kind of market you're in as an investor, as a buyer or seller, retail, commercial, it doesn't matter. You need to know what kind of market you're in, what kind of market you are the people in. That's the most important thing. This is a table you need to know. One to three months is a seller's market. Four to six months is a balanced market and seven-plus, that's the buyer's market. So when you get a crash or depression, something like that, you get a lot of homes in the market. You've got not a lot of people buying. So that's in 2009-2012, you've got 10-20 months of inventory. So really quickly looking at this, what kind of market we're in. We're in a solid market, we still have sellers getting a lot for a home, buyers still struggling to find homes. So this is like a really good ratio to know exactly what kind of market you're in, whether you're looking at your own city, your own county, nationally or a different city. You need to know that.
New homes in the market
Three thousand forty-four two years ago, 3,232 last year and the 3,261 this year. So this is a good month wide number. That's how many new listings actually came on the market that month. So again, we've seen a little uptick. Again, we've seen that in every county in Metro Detroit in September. So it's a major thing to see going forward. We have a lot more inventory out there than we have in the last couple of years going forward. So we'll see how that plays out.
Price per square foot
$87, $91, $101 - good increases there. Not a ton of inventory recently in the past year or two. So prices are rising obviously, right? Less supply, more demand, prices go up. And if you use this, multiply that by your square footage, I give you about what the value of your home is. Remember that it gives you what the value of your home is. It's countywide data. So remember that. That's why it gives you a general value. If you want the actual value of your home, you have to talk to a real estate professional, someone on our team and appraise or someone to get you the actual value of your home. But this gives you a good rule of thumb of what's going on. Again, the trend is more important than anything. You know your county is rising in value.
This is people actually closing, physically closing at a table like the one you can't see here. Physically closing on the home. Two thousand ninety-one 2 years ago, 1,769 way down, and then up just a little bit to 1,800. Still, there's been not a ton of inventory coming into this. There are not as many closings here right now, but we're starting to see a little bit of uptick in inventory. So we'll see. Hopefully, the numbers bear this out. We have more closings, more sold in the stats going forward.
So that's your Wayne County update for September 2019. I appreciate you guys joining us every month. We appreciate you guys joining us next month and giving you this market data. If you know someone that could benefit that lives in Wayne County, we share a tag them. If you have a question and you're on the podcast, go to @legacygroupmi, on our YouTube or Facebook, go there and put your questions, comments, concerns. We will answer them there. We appreciate your time and energy. It's the most important thing we have and we'll see you guys very soon.