Inventory Woes and Pricing Gains   Sales Trends: Post-pandemic sales in Southeast Michigan peaked in 2022 but have since declined. The market in 2024 started slow, trailing 2023 through the first half, but has recently caught up to last year’s pace. Despite strong demand, inventory…

Buyer Competition Easing This chart highlights seasonal and yearly shifts in the relationship between list price and closed sale price in Southeast Michigan since 2022. The red line represents the monthly percentage of homes selling below, blue line at, and green line above list price.…

As we head into the 4th quarter, YTD single family sales are almost even (-1%) in the SE and NW Michigan markets and down 8% in Washtenaw County. YTD average sale price is up 8% for SE, up 4% for Washtenaw and up 19% and…

Is a Full Price Offer Enough? Although the availability of listings is slowly rising, buyer demand remains extraordinarily high in relation to supply. Buyers continue to wait for the best listings and pounce on them when they arrive. Last month, 66% of closed sales in…

Rising Home Values Hold The Southeast Michigan housing market continues to demonstrate significant trends that are essential for both REALTORS and consumers to understand. As of July 2024, the market is characterized by rising property values, stable pricing, and mixed sales activity. These dynamics are…

Despite inventory and affordability challenges, buyers remain vigilant in searching for their new home. In the past four weeks, overall showings across Michigan markets were up 19% compared to the same time last year. In the upper-end markets, the jump in activity is even greater—up…

The pace of the arrival of new listings continues to be the throttle that drives our markets. The best listings continue to sell fast with competing offers and over-asking prices. Southeast Michigan: In our SEMI markets, 64% of April closed sales were “at or over”…

Affordable housing depends on three key elements: income, mortgage rates, and housing prices. Higher wages expand buying power, while stagnant wages challenge affordability. When mortgage rates drop, generally, monthly payments decrease, making housing more affordable. However, a slight increase in rates can quickly reduce affordability,…

In our Southeast market, year to date sales are running even with last month and prices are up about 6% compared to last year. New listing inventory is about even with last month. Showing activity is up across Michigan markets, up 36% from last year.…

In most markets, the inventory shortages are subsiding some as new listings are more readily available. While January new pendings were up from December, they still lagged behind January of ’23 and January closed sales were slow in most markets. Looking ahead, with continued strong…