August 2019 Real Estate Market Update – Macomb County

We have your August 2019 Macomb County Real Estate Market Update. Let's jump right into this thing. So we always preface every video, every market update with two things. We have three years of data because if you just had the red column here, it wouldn't make any sense. You wouldn't know what's going on. So you got to see the trend. "The trend is your friend," remember that. We have the month in arrears because we now have all the data, the data is now in our hands. It's fresh off the press. We can give that to you. So let's jump right into this.

Days on market

DOM, average days on the market. Two years ago, we had 28 days in the market in Macomb, 38 days last year, 34 this year. So an increase in the days on the market, which is very, very interesting. We are seeing a little bit of an increase in some of these numbers here over the different counties in Metro Detroit.

Active homes in the market

One thousand six hundred eighty-two 2 years ago, 1,659 last year, and then 1,887 this year. Remember though, this is a one-day data, which means that the day it was taken, it's the number of active homes that are on the market at that time. It gives you a little bit of a picture of what's going on. The trend tells you a little bit more. But keep that in mind going forward.

Months of inventory.

One-One-One all the way across the board. But I'm gonna give you some context here. What this means because these numbers might look a little crazy like they're increasing a lot. However, one to three months is a seller's market. So we still have a hardcore seller's market, even though the numbers might look like they're telling you something a little different. Seven months plus is a buyer's market. So again, we can see that we're still in a hardcore seller's market, which means sellers are making out. They're getting a lot for their homes and buyers are struggling. So even though it's gone up, these numbers don't tell you all the rest of the data. So it's still a pretty hardcore seller's market obviously.

New homes

This is the number of new listings that came onto the market in the entire month. Two thousand three hundred thirty-nine two years ago, 2,354 last year and then 2,237. So again, a decrease now in August actually over the last two years. It's gonna be interesting going forward because we've got fewer homes coming into the market. So we'll see how this plays out and shakes out.

Price per square foot

This is you multiplying your square footage by this number here to get the estimated value of your home. You still have to have a professional come over to your home. You still had to have someone on my team, an appraiser come over and look at your home and actually give you a valuation. Well, you can see, the trend here is going up. So the values of the county are going up, obviously. One hundred one dollars, $104 last year, $112 this past August. So again, things are trending upward. We have lower inventory prices going up.

Sold

This is the number of actual closings that were had that people closed on homes. This is our one buyer statistic. One thousand six hundred seventy-four two years ago, 1,476 last year and then 1,429 this year. So hemorrhaging for homes in Macomb County. Really just not a lot going on. Not a lot of homes being transacted. So it's a very interesting time right now. It really is. I mean, even I look back at this even after having looked at it and this is really crazy. The data that's coming in there was just - there's not a lot out there. We not only had fewer closings again this past August, but we have also less being listed again. So that means going forward, we're probably gonna have fewer closings. So it's a very interesting time right now. Don't know what's going to happen going forward. To be totally honest with you, we've been doing this now for years and we've got some very interesting times. Had you seen all the geopolitical things, all the things going on in front of us. We're in for a treat.

So anyway, that's Macomb County Update. I'm not gonna keep you any longer here. I hope you got something out of this. If you're in Macomb County and you liked it, please share it, like it, whatever. Someone that you know, his own County or a McComb County, you might benefit from it. Please send it to them. If you're on the podcast, please go to @legacygroupmi. If you've got questions, comments, concerns on the Facebook channel or YouTube, and we will take it from there. So I appreciate you guys your time, energy. It's the most important thing we have. We'll see in the next one.