REAL ESTATE BLOG

2022 Year End Market Report

2022 Year End Market Report

With its bidding wars, rising prices and big sales numbers, 2021 was a tough act to follow. The first half of 2022 met that challenge before inflation, high interest rates and depleted inventory combined to cause sales and prices to fade in the second half…

December ’22 Market Report

December ’22 Market Report

Halfway through December, the 2022 YTD average sale price of a single family home in our 5-County Southeast Michigan Region is $307k. That’s up 31% from 2019 and 5% compared to last year. Today’s buyers want and will pay more for move-in-ready homes. Because the…

November ’22 Market Report

November ’22 Market Report

Passing through the fourth quarter, both market times and the frequency of price reductions are rising but the best listings continue to sell quickly—frequently for full or over-asking price. Market Times:DOM went from a 32 day average in September and October to 37 days in November—…

October ’22 Market Report

October ’22 Market Report

Sales and prices have been sliding since June—the same way they did last year. Both years featured high activity and prices in the first half of the year, followed by declines in the second half. Buyers want and are willing to pay premium prices for…

September ’22 Market Report

September ’22 Market Report

Most Michigan markets peaked in June and have been slowing with prices fading since. But it did that last year too. Much of the slowdown is due to the limited inventory quality that we typically see later in the year. While the pandemic-era sales and…

August ’22 Market Report

August ’22 Market Report

Although slowly fading, demand remains strong in proportion to available listings in our Southeast Michigan and Washtenaw County markets. With so many external factors like rising interest rates and inflation, everyone is wondering what to expect as the market continues to move through the second…

May ’22 Market Report

May ’22 Market Report

The past few years have seen dramatic market shifts with extraordinarily low supplies combined with high demand, which became extreme when the pandemic instantly changed our housing needs by having us working and schooling from home. Over the past few months, we’ve been experiencing our…

April ’22 Market Report

April ’22 Market Report

We continue to see shortages of affordable move-in-ready listings in most markets. Within all price ranges, the best new listings are selling fast with over-asking competing offers. When working with a buyer to write a competing offer, counseling our client as to the offer amount…

March ’22 Market Report

March ’22 Market Report

Although inventory shortages continue to restrict sales, both new and carryover buyers (who have been looking since last year) are waiting to pounce on the brightest and best of this year’s class new listings. And they all want to lock in with their deals before…

2021 YEAR-END MARKET REPORT

2021 YEAR-END MARKET REPORT

Extreme buyer demand combined with low inventory in the spring of last year to create bidding wars that drove average price from $256k in January to $319k by June. The market settled over the second half of the year as the arrival of fresh listings…