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,…
As we transition from summer to fall, the Southeast Michigan real estate market shows signs of both resilience and evolution. August’s data brings a mixed bag of trends that indicate slight adjustments in the market, but overall, demand remains strong and enduring. Here is the…
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…
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…