Wayne County Real Estate Market Update April 2018

Hey! Whats up guys, Brandon here from Legacy group Real Estate team. We have your Wayne County April 2018 real estate market update.

Let's jump right in to it.

So,  as we say this every single time, we do our past couple of years data that way you guys know exactly what's going on and make the best decisions for your family. You got to see the patterns, you  have to see the patterns.

Days on Market(DOM) : 58 days, 45, 43, a steady decrease in days on market. So think it as average days that the  home is on market. So decreasing means either more buyers or less supply, in our case its less supply so less homes in the market.

Active Homes in the market, here we go: 5600 down to 3800 from two years ago so way fewer homes than there was just a year ago or two years ago I mean that's almost 2000 homes difference. I mean that is incredible guys, this is why you see buyers struggling so much right now , this is the reason. And there are other reasons , you have to know how to win multiple offer situations. You have to know how to do that. You got to be with people and a real estate team who know how to handle multiple offer situation, you have to be a strong buyer yourself.

Month of inventory: MOI is a good one, this is a ratio basically for all the stats right here. And what this is , is it is the rate that homes are coming after market, the rate that homes are selling, if no new homes are coming at the market how long would it take every last home to sell. And right now it's about 2 months, these are rounded numbers but just to give you an idea about 4 to 6 months is a balanced market anything above 7 months is a buyers market. I mean there is too many homes in the market. So we are in a steep sellers market. So it's a good to know quick ratio to tell you what's going on

New homes coming into the market:

It's the amount of new homes that came into the market that were listed in  in April 2018, in 2016, 2017 to 2018 in Wayne County.

3300 down to 3000 , sometime we have an abrasion you know a little anomaly, this is one of those, where the kind of what did this there is usually one stack, one number in every county that we do that is little wonky for us for some reason, and again we never know why that is generally

Could be something happen to certain neighborhood, or everyone selling or who knows what.

Price per square foot, 74, 77, 78 this basically gives you a general idea of price per square foot average price per square foot in Wayne county, then this would give you an about price for your home.

But don't take it as a gospel you still need an appraisal or a real estate professional showing you what your home is truly worth because remember this is country wide so this just gives you an idea the home worth a 100 or 400 , its a ballpark amount.,

This last one is basically for buyers, this shows our buyer pool. 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 you know the buyer pool stays about the same or unless there is a huge catastrophic  moment in the market when there is a great recession , depression something like that that's when the buyer pool changes.

Other than that it stays pretty similar. So there is still about the same amount of buyers out there, there is just a lot less homes. Lot less homes coming to the market.

So That's why we have a steep seller’s market, thats why sellers are getting there’s and buyer are fighting down the streets. So  if you guys got anything out of it, do let us know in the comments section. More importantly we appreciate your time and energy because this really is the most important thing that we have and just blessed and humbled and honored that you had your attention.