March 2019 Real Estate Market Update – Genesee County

We have your Genesee County March 2019 Real Estate Market Update. Let's jump right into this. I preface every single video, every time for years, months and months and years now, with a couple of things. It is that we're going to walk through the data. This is going to be not just on YouTube, on Facebook was gonna be on our podcast as well. So we're gonna walk through the data point by point and we give you the two years of data before this past year. So we have three total. That way you can see what's going on and those of you who are watching, you can see the pattern as to what's going on because if I just gave you one set of data, only 2019, that wouldn't make any sense. So we do that. That's why we have all this data. There's a lot of people who ask why you have all that, why is all that there? That's why, and we do it the month in arrears because we now have all the data, we have everything that we need. The month is over. It's just like the jobs report coming out on the first Friday after the month. Same thing here, the first Thursday after the month we do this and we have all the data. So we've put this out to you guys. Let's jump right into this Genesee County.

Days on market

Anytime you see days on market, that is the number, the average time on the market. If you're looking at an eligible individual property, DOM would obviously be how many days that exact property has been on the market. In 2017, 67, last year 61, this year. So a little tick up this year. Went down a fair amount last year, this year, bump back up a little bit again. So we'll see how those numbers play out the rest as we go here.

Active homes in the market

This is the one day at a time. Basically, one snapshot of the month of what's going on. It's why we give you three years of data so you can see what's going on. Because this is not an overall statistic. It's a one-day statistic, but with the three years of data, you could see what's going on now. So active homes was up at 1,263 in 2017 down to 964 last year and down to 677 this year. So again, still a shortage of homes as you can see especially in Genesee County. And you're going to see that pattern basically kind of throughout here. If you haven't noticed over this last year or two, a lot of the same pattern.

Months of inventory

That is at the rate homes are selling, how long would it take to sell every last home if no new homes came in the market? And we had three months of inventory in 2107, two last year. And again two this year. So just for all of you, so you guys have some frame of reference. We have one to three months of inventory is a seller's market. So there's not much inventory. That's where we are right now obviously, Four to six is basically a balanced market and then anything plus is a buyer's market. So just wanting to kind of give you guys that frame of reference, that way you guys know it's a quick snapshot when someone's talking about months of inventory, you'll know. Two, one, we've seen a lot of ones and especially in the summer months, spring months, it's a really steep seller's market. So just wanna give you guys that frame of reference.

New homes in the market

This is the new listings that came on in the month of March over the last couple of years. So we had 703 two years ago, 618 and 586. So this is a total for the whole month. Again, down. Going forward we expect there'd be a little less production on the real estate market because again, it's just down. It's kind of scary to see again that the number of listings just keep going down here. We thought in the last month or two we had a little bump back up and a balanced market. But again, these numbers are trending down in March. The closer we get to spring, which is a little bit interesting, it makes me kind of pause a little bit as well. So, take hold of that and we will monitor that as we go. Two more here.

Price per square foot

It was $82 years ago, $85 last year and up to $89 this year. So that is a rule of thumb guys. If you want an actual value on your property, you have to have a real estate professional. You've got to have our team come to the'regive you a valuation, you have to have an appraiser come out and give you a valuation. This is county-wide, so it just gives you a general rule of thumb. But again, it's more along the lines of seeing the pattern of which way things are trending. The trend is your friend in all investing. So we want to see which way is the number going or trending. they'retrending up obviously because there's less inventory, so that means prices are rising. So if you took this number and you multiply it by your square footage, it'll give you a general sense of what your home would be worth. But again, remember you've got to have a professional in your home. If you want an actual valuation, this just gives you an idea of what's going on in your county.

Sold

This is basically your one buyer statistic in essence, and this is the number of homes sold. The buyer pool doesn't change too much unless there's a catastrophic event, like a depression or recession or something like that. So this usually stays fairly constant, although we've seen some fluctuations over the last couple of years. In 2017 we had 500 sold homes or closings if you will, 386 last year and it bounced back up to 409. So you can see in the last month or two, like we have had numbers that're showing us a little bit of a change. And now the listing data is telling us going forward and we might be down again a little bit, but these last couple of months things did bounce back up again a little bit. So that's why we saw closings back up a little bit. So again, who knows, we've got Trump saying, kind of yelling at the Federal Reserve right now saying that we should lower rates again and make it easier to learn. It's just, there's all kinds of chaos right now. So it's gonna be interesting to see what plays out.

This is what's going on in Genesee County though right now. If you have any other questions, please let us know. If you're on the podcast, check it out on Youtube, in the Facebook channel. If you guys have comments there, please let us know in the comments. Keep it in the comments, please. So that way we can answer questions and everyone can learn from it. We get a lot of people messaging us, which we really appreciate, but it's usually outside of this. So please keep it here. That way we can answer questions for everybody. So appreciate your guys' time more than anything. We truly do appreciate it and, uh, it's most important that we have is our time is the most important asset. So we appreciate you spending with us and we'll see you guys on the next one.