April 2018 Real Estate Market Update – Wayne County, Michigan
We have your Wayne County April 2018 Real Estate Market Update. Let's jump right into it. So we do this every single time - we do our past couple of years data that way you guys know exactly what's going on. You can make the best decisions for your family. You got to see the patterns. You have to see patterns.
Days on Market
Days on Market, 50-45-43, a steady decrease in days on market. So think of it as average days that the home is on the market. Decreasing means there's either more buyers or there's less supply and in our case is less supply. So less home in the market.
Active Homes in the Market
Here we go. 5600 down to 3800 from two years ago. So way, way fewer homes than there was just a year ago, two years ago. I mean that's almost a 2000 home difference. That is incredible. This is why you see buyers struggling so much right now. This is the reason and there are other reasons that you have to absolutely know how to win multiple offer situations. You have to know how to do that. You've got to have people and a real estate team who knows how to win multiple offer situations. You've got to be a strong bio of yourself.
Months of Inventory
Months of inventory is a good one. This is a ratio basically for all the stats right here, and what this is is at the rate that homes are coming off the market, homes are selling if no new homes came in the market, how long would it take every last home to sell? And right now we're about two months. These are rounded numbers, but just to give you an idea about four to six months or five to seven months is a balanced market. Anything above seven months is a buyer's market. That means there are too many homes in the market, so we're in a seller's market. It's good to know. Quick ratio to tell you what's going on.
New Homes in the Market
So thenumbert of new homes that came onto the market and they were listed in April of 2018, 2016, 2017, 2018 in Wayne County. 3300 down to 3000. Sometimes we have an aberration, a little anomaly. This is one of those where the kind of what did this. There's usually one stat, one number in every county that we do that's a little wonky fall off for some reason. And again, we never know why that is. Generally, it could be something happened in a certain neighborhood did something or everyone's selling or who knows what. So take that with a grain of salt.
Price per square foot
74-77-78. This basically gives you a general idea. If you multiplied your square footage by this price per square foot, the average price per square foot in Oakland or in Wayne County, then this would give you about the price of your home. And don't take it as gospel. You still need an appraiser or a real estate professional showing you what your home is truly worth, because remember this is county wide. So it just gives you an idea. Is the home worth $100,000 or $400,000, what ballpark of my hand?
So this last one is basically for buyers. This shows our buyer pool and we have 1900 homes sold down to 1700 and again that doesn't usually change too much. This percentage drop is becoming a little significant but not too much where the buyer pool that stays about the same unless there's a huge catastrophic moment in a market. There is a great recession, a depression, something like that, that's when a buyer pool changes and you'll see that sort shifting that number start climbing five and eight and then 10 months on market. But other than that it stays pretty similar. So there's still about the same amount of buyers out there. There's just a lot less homes, a lot less homes coming into the market. So that's why we have a steep sellers' market. That's why sellers are getting theirs and buyers are fighting on the street.
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