April 2019 Real Estate Market Update – Genesee County

We have your April of 2019 real estate market update for Genesee County. So let's jump right into it here. We do this and preface every video with a couple of things. Every time we go through this, people are asking why do we have three years of data and why are we doing the month previously? A couple of reasons - so the month previous we have the data, just like the jobs report, we have all the data that came out the first of the month and so we're now giving you everything hot-off-the-press. Then we have three years of data that way we can show you the patterns. It won't make sense if we just showed you one-year data. So you need to know the patterns and the trend is your friend, as I say, right in the investing world. So that's why we give you that. Let's jump right into this.

Days on the market

Sixty-eight says on market two years ago, 56 days on market last year and 58 days on market this year. And again, so hovering around two months on market in Genesee County. So about the same, but again, you're going to see a little bit of uptake here until in 2019, a little bit more trending towards a balanced market in Genesee County in April. So it's gonna be fascinating to see how this plays out over the next couple of months. And again, I'm going to kind of walk through these and go through these numbers individually and enunciate them or speak them out that way, those of you on the podcast you can hear these as well and they make sense to you. So not just people watching on YouTube, Facebook, and Instagram. So I appreciate your patience there with me I guess. I know some of you can see this, but we need to do that so everyone can hear it.

Active on the market

This is a one day snapshot. So when we take this data, what is happening at that second on the market, how many homes are actually on the market? Two years ago we have 384, 559 last year and then 718 this past April. And that's amazing. Again, a lot more homes on the market in general than there had been the last couple of years in Genesee. That trend is going to be very interesting to see what happens as we progress here over the next few months.

Months of inventory

Now, this is a very quick snapshot to see exactly what's going on in the market without having to look at all the rest of the data. This means at the rate that homes are selling if no new homes came in the market, how long would it take to sell every last home? Just to give you an idea - a seller's market is about one to three and then a balanced market is about four to six. And then seven-plus is a buyer's market. So you can see here we're still in a seller's market overall. But it gives you an idea of where things are trending.

New homes on the market

Six hundred eighty-four came on and she goes in 2017 of April, 615 last year and then 733 this past month in April. So again, trending upward, a lot more activity than we've been seeing over the last couple of years in the market in Genesee. Good signs, hopefully, more towards a balanced market as we progress here.

Price per square foot

Eighty-five dollars a square foot to $98 a square foot and then back down a little bit to $95 a square foot. Staying somewhat steady but trending upward a little bit. This is the price per square foot for the entire county. So just gives you an idea of what's going on. If you took your square footage and multiplied that by this number about what your home value would be. Well, it would be that if you're doing it, just a general rule of thumb here, but if you still need analysis in your home, you have to have a professional come out, an appraiser, someone on our team, come look at the home, get you a value in your home. You still got to take all the factors into consideration. This is just a general rule of thumb like I said. Then the last one is our buyer category really if you will.

Sold

That means it's all sold, closed properties. People went to closing on the property. So 447 two years ago, 359 last year and then back up a little bit to 412. Again, this is the data for the last couple of years in April, it's trending upward, a little bit more towards a balanced market. We'll see what happens as we progress.

We will keep you updated. We appreciate you guys. If you do have questions, comments, concerns, please put them in the feeds here. If you're on the podcast, please go to Facebook or YouTube @legacygroupmi, put your questions and comments there. If you are comfortable, we'd love to answer them in the public arena. That way we can help as many people as possible, but I appreciate your time. Your energy is the most important asset we have guys, so appreciate it more than anything and we will see you very soon.