September 2020 Real Estate Market Update – Wayne County, Michigan
We always preface it with two things. We're doing this for over five years now. We give you the data that way you can make the best decision for you and your family. We have three years of data that way you can see the trend. The trend is your friend, and you always need to remember that investing with one of the bigger sayings. The trend is your friend. Whether you're always investing in real estate, if you're buying real estate, you're investing in real estate, your investment. It's an asset class. It's an asset - it's paying you while liabilities are taking money from you each month primarily, and you're paying more money on it than you bring in from it, whether it was primary or not, then it's a liability. If you're making any more money on your property than you are paying out on each one, that is an asset.
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I know traditional accounting doesn't see it that way. However, if we're going to be an intelligent investor, we have to look at it that way. What are we doing? How are we source for what we did? We have three years of data. The trend is your friend will ask you which way things are going. We have the month in arrears. All the data is finalized, the month is finalized. Now we can give this to you.
Days on market
I'm jumping into average days on market. Homes sitting there on the market to accept an offer is 33 days two years ago, 39 last year, or 38 this year. So we're pretty, pretty consistent across the board. We're seeing that all of Southeast Michigan.
Active Days on market
This is a one-day sample size, the day the data was taken how many active homes are on the market - 5,347 two years ago, 6,029 in the last year, and 3,839 this year. Almost identical numbers across the board to Oakland County. And we're seeing this huge drop off the number of homes in the market going forward. It's a little bit scary.
Months of inventory
This was two 2 years ago, three last year, and 2 this year. This is at the rate homes are selling, how long would it take to sell every last home with no new homes are available? Just to give you some context, one to three months is a seller's market - meaning there's not a lot of markets. Prices are going up. Four to six is a balanced market. Seven plus is a buyer's market and a lot of homes in the market. Prices are coming down. We're clearly in this sort of market. We're like that all over Metro Detroit.
New homes in the market
This is your month-wide number. How many new homes actively came onto the market at that time - 3,232 two years ago, 3,261 last year, and then 2,954 this year. We're seeing this across the board as well in Metro Detroit. We're seeing fewer homes coming on the market. Again, not a good time, especially since the lockdown is coming and things like that are potentially coming. So we're in for some interesting times.
Price per square foot
We're gonna touch on this for a second, actually. Price per square foot is at $91 a square foot two weeks ago, $101 last year, $113 this year. This was a big jump up - $20 in two years. This really is a trend, a thing we want to see here. This is a countywide number. You really got to take this rule of thumb. And what is it? The trend here, you multiply this by your square footage, you get approximately what your home is worth. Obviously, that's going to change in varied areas, but you want to see the trend here going forward. What you're equity trend is. If you need an actual evaluation home, you have to come to see someone on our team, see an appraiser, someone who has actually sold hundreds and hundreds of hundreds of value. Someone who has actually done this a lot to get an actual assessment, accurate assessments.
Number of sold properties
It is the number of people actually closing on their property and closing, signing on the dotted line - 1,716 two years ago, 1,800 last year, and then 2,060 this year. We're seeing this same trend across the board as well. All these homes came on. The lockdown happened in the summer and the summer or early as fall. Now they're all fine. They're closing. We're seeing this trend going forward. However, now we're seeing the last one across Metro Detroit. These are possible now for some platforms going forward. So what does that foretell? Fewer homes are being sold and we wouldn't know in the coming months. It's going to be an interesting time going in the winter months. We obviously have the downtime or the possible lockdowns coming, possible uncertainties in the economy we're in. The thing I always can tell people, "please, please study what's going on." Whether it's politics or whether it's housing, investment portfolio, your retirement, whatever it is, please do your homework. Please diligently watching the same day after day. At least a couple of times, two times a week, watch these things, study these things. An informed citizenry is what it's going to be able to move you in and out of certain situations and will give you the information you need to accurately assess what's coming on and make the correct moves. Or at least the best moves for you at that time with information different. That is the most important. And that's where we find ourselves in. In our society where most people, unfortunately, aren't doing that. They are more interested in what Aaron Rogers's fancy numbers are. Is Matt Stanford playing this weekend? And what's going on with keeping up the Kardashians.
You can't control what governor you can't control. You know, a lot of things. I mean, there are things you could do. Obviously, you can't control the overall economy at large. You can vote in and out of the office, but there might be lockdowns. There might be this, there might be that. Make sure you are doing whether it's investments buying a house, renting a house, voting, doesn't matter. Please do due diligence. Please be informed, informed citizenry informed investment. Our house is the most important asset. I tell my team every single day, "Please, please, don't wait for that. Sharpen your mind a little bit day."
So I appreciate you guys spending this time with us, as I said, your time and your energy, your timing of mind, energy comes to those things are the most important that you have. So appreciate you guys. We'll see you at the next one.