Over-Asking Sales Remain High Despite Slower Market 2023 sales have been driven, or restricted by the arrival of new listings. The slight decline in listings over the past few months has been resulting in a gradual reduction in new pendings and closed sales. Expect the…

The Southeast Michigan real estate market continues to see historic trends as we move through the summer of 2023. While inventory has dropped significantly, down 32% compared to June of 2022, strong demand remains unabated. Despite depleted inventory quantity and quality, prices are at historic…

This year’s 20% YTD decline in sales is directly linked to the scarcity of new listings—down 21% YTD and slightly more in recent months. Buyers continue to wait for move-in-ready listings, especially in the more affordable price ranges. In May, we saw 24% fewer homes…

     While projections indicate that the influx of new listings should reach last year’s levels during the latter half of this year, there’s still a noticeable delay. Buyers continue to face extended waiting periods and intensified competition due to the persistent scarcity of top-quality…

The first quarter kept everyone guessing as to how 2023 was going to play out. Coming off of the past two years of pandemic-induced demand, everyone expected demand to ease and the market to cool off by a few degrees. While closed sales faded fifteen…

After several years of rapidly rising prices and mild inflation (until this past year) homebuyers and sellers need to be aware of the potential for a significant jump between existing taxes and future taxes after the sale. Michigan’s Headlee Amendment was passed in 1994. Its…

  While our markets tend to move in the same direction, generally homes in the entry and middle price ranges tend to sell faster than upper-end properties due to the larger pool of buyers who can afford them. However, in recent years, prices have risen,…

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…

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…

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—…