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—…
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…
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…
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…
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…
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…
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…
Low inventory continues to plague most of our markets with active inventory tight and demand relatively strong. Rising sale prices should continue in 2022, but the rate of rise will be slower than last year as higher price and interest rates combine restrict affordability that…
Although extreme buyer competition and multiple offers caused sales and prices to peak midyear, monthly new pendings/ABOs and price per square foot have held relatively level for this time of the year. In markets where numbers are declining, it’s often due to a lack of…