Typically, market activity and prices fall off in the fourth quarter as demand drops and inventory becomes depleted. Despite record-low inventories (down 58% from a year ago), both sales and prices finished the year with extreme momentum. Year over year December sales were up 17%…
This year’s remarkable demand and strong recovery have been fueled by historic low interest rates and the heightened focus on “home” as a result of Covid lockdowns and temporary closings of work, school and entertainment places people would otherwise be. While many have taken a…
November active listings are down 49% from 2019 and will remain low through the winter and into next spring. Low inventory continues to be a leading driver in rising values, YTD average sale price is up 7% over last year. Competition among buyers looks to…
Although inventory levels are about half of what they were, daily new pendings continue to run about 28% higher than the same time last year. The Covid shutdown delayed the market cycles. Expect the strong 3rd quarter performance to carry over well into the 4th quarter—so long…
The Southeast Michigan market has bounced back strong from Covid. Despite current inventory levels being down 47% compared to a year ago, many local markets set new sales records in July and August. Prices are at an all-time high—average price is up 7% from a…
Buyers continue to remain aggressive as many in the market were delayed by the spring lockdown. Inventory remains down 39% compared to last year across all markets with daily showing and pending activity running ahead of last year. These market conditions have played favorable for…
This report is designed as a follow-up to the July 7th Southeast Michigan Rebound Report as we continue to work through the Pandemic. These reports will continue to monitor leading indicators of change—inventory levels, showings, new listings and new pendings. We will also monitor values…
As we continue to work our way through the Pandemic, our Market Research Department monitors daily activity looking for market shifts that affect our clients. Despite recent news of increasing cases of Covid throughout southern states, buyer demand in Michigan remains strong. New sales are…
We have received many questions on how the real estate market is faring as a result of the Pandemic. The good news is the market is strong and following the line we had anticipated at the onset of COVID. For Sale inventories are tight, employment…
When is the economy going to recover? Is this a good time to buy or sell a home? What will happen to home values? Is this going to be 2008 all over again? The real estate market is not business as usual, but we are…