September 2020 Real Estate Market Update – Livingston County
We've always prefaced with three things. We've been doing this for five-plus years now. We have always wanted to give you the most accurate information that way you can make the best decisions for you and your family.
So Livingston County September 2020 - we have the month in arrears. The data is finalized. We want to be able to see the trend. In investing, the trend is your friend.
Days on market
DOM - 44 days two years ago, 48 last year, 42 this year. So we can see a decrease in the days on market here. Livingston does have some weird numbers. Sometimes, I will preface with that as well. There are tons and tons of homes in this market. This is where you take a grain of salt a little bit and see some interesting numbers.
Active homes in the market
Nine hundred twenty-three two years ago, 897 last year, 504 this year. Remember, this is a one-day sample size though. On the day the data was taken, how many homes are active at that time. A lot last year than it was two years ago. We already head down this year. Really kind of some interesting times where you're heading into here.
The month of inventory.
Four - somewhat of a balanced market. We had 4 two years ago, 3 months of inventory last year, 1 this year. So just to give you context, one to three months is a seller's market, meaning there's not a ton of inventory and prices are up. Four to six months is a balanced market and seven-plus is a buyer's market meaning there's lots of inventory. The price is coming down. So to give you context really quick and ratio to see what kind of market we're in.
New homes in the market
This is a month wide number. How many new homes actively got listed that month? Four hundred twenty-seven two years ago, 444 last year, and 370 this year. So down a little bit. We don't like to see that. We have to continue to monitor that obviously. We're just really hemorrhaging homes in this market. So obviously that's why it's time to sell your house and you can get equity with it.
Price per square foot
$142 a square foot two years ago, $155 last year, $166 this year. So this is a county-wide number though. Remember, you need a professional to come to give you an actual evaluation of your home if I could speak. So you need someone on our team, you need an appraiser, someone to come actually and has been in trenches that have sold hundreds and hundreds of homes that can actually give you an accurate assessment. Because this is a county-wide number. But more importantly, what we're showing here is the trend of your County, which way things are going, what kind of equity you may have in your house. You multiply that by your square footage, you're going to get an approximation of the value of that home.
This is the number of people actually sitting at the closing table, signing, closing on a home. Two hundred forty-one 2 years ago, 258 last year, and 348 this year. We're seeing this across the board in Metro Detroit. All these homes that are hitting the market in the last few months are starting to close and we've seen so the last few months, just the bigger glut of homes being sold. That should probably come back down. We're seeing this across the board - lower numbers on the market now going forward and potential lockdowns in again. I would imagine that to dip again. We've got to be nimble, got to be able to adapt.
That is the Livingston County Market Update, guys. As I said, we appreciate your time, your attention, your energy. If you are on the podcast, go to @mittenmadeproperties. On Facebook or YouTube, please check us out there. If you need someone to give you an evaluation of your home, please let us know and reach out to us. And again, your time, your attention, it's the most important asset we have along with your mind. That's what we're doing here. We're sharpening our minds. So those two things time and your mind. Take care of them, feed them every day. See you guys in the next one.