The lack of inventory had a negative impact on 2023 sales and depleted inventory levels held sales volume down. Through the first half of 2023, prices were down from the prior year. That flipped in June and since then monthly average prices have been up.…
The 2023 market was defined by strong buyer demand reined in by limited inventory. Despite the inventory and interest rate challenges of 2023, buyers persisted. They continue to look for updated and well-maintained homes and when they see them, the nails come out. Potential sellers…
Heading through the holidays and the balance of the year, expect sales and prices to do their usual year-end fade as a result of depleted inventory quantity and quality. It’s important to note that the declining sales and prices have more to do with our…
Buyers continue to face depleted and picked-over inventory. Post-pandemic inventory levels have dramatically dropped since 2019. The inventory levels on October 1st are down by 28% compared to last year and by 60% compared to 2019. Due to the rapid sale of prime new listings,…
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…
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,…