September 2019 Real Estate Market Update – Livingston County, Michigan
We have your Livingston County September 2019 Market Update. Let's jump right into this. So we have prefaced with two things. We have three years of data - it's the most common question we get, "Why the three years of data?" That's because we can see the trend. Now the pattern is your friend. The trend is your friend. So, remember, if you see just one year of data, It's not going to make any sense to you so you need to see three years. We do the month previous, month in arrears because we have all the data now. The month is closed up. We have all the data. So let's jump right into this.
Days on market
It's the first one. Average days on market two years ago are 43 days on the market. Last year, 44, this year, 48. A few increase days on market in Livingston. Livingston doesn't have a ton, it's a little more spread out area. So there's not as huge of sample size or wouldn't be saying Oakland County or Wayne County. So sometimes the numbers are a little bit all over the place. Remember that.
Active homes in the market
Eight hundred sixty-six 2 years ago, 923 last year and the 897 this year. So pretty even throughout. Remember, that's a one-day sample. That's when the data was taken. That was one day. How many homes are actively listed? That's why the trend is more important than the actual number, that one number itself.
Months of inventory
So we have 3 two years ago, 4 last year and then 3, about three and a half actually right now, 3.48 right now. So this number is at the rate homes are selling, how long would it take to sell every last home with no new homes coming in the market? That is the month of inventory and it shows you a ratio, very quick ratio to know what kind of market you're in. We'll give you this table right here. So, one to three months is a seller's market. Four to six is a balanced market and seven-plus is a buyer's market. Seller's market meaning that's what we're in right now, meaning sellers are getting higher prices for the homes. There's not a lot of inventory. And then the buyer's market is when there's a lot of inventory and buyers are really making, our sellers are having a hard time selling. So again, a quick ratio on what kind of market you're in, but you have to know this. New homes in the market are the number of new listings they're actively put on the market, that was actually listed that month. Three hundred eighty-seven two years ago, 427 last year, at 444 this year. An increase going forward with new homes coming on the market, which is huge.
Price per square foot
$139 two years ago, $142 last year, then $155. More influx in the price there, which is good for sellers, great for sellers. Obviously, this is a countywide number though. Remember that's countywide. If you need an actual evaluation in your home, you have to have a professional, someone on our team appraises or someone comes and actually gives you an evaluation in your home. But if you take that number and you multiply it by your square footage, it'll give you an approximate value on your home.
Three hundred nine two years ago, 241 last year and 258 this year. This is the number of actual closings, physical closings that were had. And again, usually, we don't see too big a discrepancy in those numbers. Too big of a change, increasing a little bit, fortunately. But again, we're going to see what goes forward here. We have prices rising, we've also got some more inventory on the market, so we're gonna see what happens going forward into the fall or winter months.
So that's your Livingston County Market Update. We got a lot of crazy things going on. If you want a bigger, more macro look, we do our Insider's Report. That's more of a global, geopolitical - interest rate, talking about what's going on and what's gonna affect you going forward. This is more of your local, obviously, market update. So I appreciate you guys, your time and energy, it's the most important thing we have. If you are listening on the podcast, go to @legacygroupmi. If you have questions, comments, concerns on Facebook or YouTube or channels there, go post our questions, comments, concerns, and we will get to them there. So appreciate you guys and we'll see you on the next one.