Nearing the end of the year, 2019 has generally been good for Southeast Michigan real estate. Closed sales were even with last year and the average sale price has been up 4%.
Monthly inventory levels, which had been falling year over year for over a decade, and were rising through most of 2019. In the spring they were up by 20%. This month is the only month where inventory levels were lower than the same time a year ago.
As we move into 2020, keep an eye on inventory. A drop in year over year inventory levels could limit buyer options and sales.