September 2020 Real Estate Market Update – Genesee County, Michigan

I always have three years here and the month in arrear. We preface it with those two things because we have to see the trend. The trend is your friend remember. The month is finalized. We have the numbers finally in and they're done. So we have that for you that's why you go in arrears. As I said, the trend is your friend. We wanted to see the trend here. One year wouldn't make any making sense. So let's start right into this.

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Days on market

Thirty-five across the board. I don't know if you've ever seen that in the five-plus years we've been doing this. Thirty-five across the board so the same days on market, all three years.

The active number of homes

This is your one-day sample size. So the day the data was taken, how many homes on the market are at that time? Eight hundred eighty-three two years ago, 970 last year, 563 this year -so we've seen this across the board in Metro Detroit. A big dip in the market.

Months of inventory

Two months 2 years ago, two months last year, and one month this year. This is at the rates home are selling, how long would it take to sell every last home with no new homes coming on the market? And just to give you context - one to three months is a seller's market, not a lot of inventory. The price is up like now. Four to six months is a balance and seven-plus is a buyer's market. There's a lot of inventory out there and prices are down.

New homes in the market

Six hundred forty-four two years ago, 644 last year, and 674 this year. So again, pretty consistent across the board there. This is the month wide numbers. How many homes were newly active listed on the market that month? So pretty consistent here. Actually, I think the only Metro Detroit County that had an increase. Most were weighed up. So that's good to see for Genessee County.

Price per square foot

$98 two years ago, $108 last year, $107 this year. So consistent there a little bit. But again, this is the trend. You want to see this. If you multiply this by your square footage, you're going to get an approximation of your home's value. However, if you want to have an actual value for your home, you have to have someone on our team, an appraiser, a true professional who's done as hundreds and hundreds of times, actually, give you an appraisal on your home, give you your value. Because this is a countywide number, right? It takes all the cities, neighborhoods, and townships, et cetera. So we've got to consider that, but you want to see the trend. That's the most important thing.

Several sold properties.

This is the number of people actually sitting at a closing table, closing on home taking the title - 371 two years ago, 435 last year, 557 this year. Again, we're seeing this across the board because we had a lot of homes in the summer and early fall here. Now they're all closing. So lockdowns are happening. Then a bunch of homes floods the market. And now they're all closing. We have not a ton on the market. We've got a little more getting listed those past months than usual. That's good, but we have not a ton of the market going forward. And I'd expect to see that number come down in comparison to the month previous and the month ahead if that makes sense. (A little kind of a tongue twister there).

That's it for Genesee County guys, September 2020. I appreciate you guys. Your time, your energy, your mind, sharping your mind a little bit. That's what we're doing here, your time and your energy, the most important assets we have along with our mind. I tell our team that every day, "Please sharpen your mind. Don't waste a day. Use your time wisely and sharpen your minds." So appreciate you guys. If you're on the podcast, go to @mittenmadeproperties, on the YouTube channel and Facebook channel, and go check out. Put your questions, comments, concerns and we'll go from there. And we look forward to seeing you guys on.