The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for predicting the balance of this year’s market activity. 2022 YTD sales are down 8% compared to last year, but they have been running a little closer in recent weeks. Through the balance of the year, expect 2022 sales activity to follow a similar, but slightly lower path compared to last year.
Through the balance of the year, expect the best new listings to continue to sell quickly and for high prices (33% of July sales were over asking compared to 26% last year), but average and below average properties will take a little longer and may require a price reduction before selling. Expect the percentage of properties requiring price reductions to near 30% over the next few months. Values should hold but year-end prices will settle slightly, simply because yearend inventory will contain proportionally more non-prime properties.
< 1 minute The shortage of new listings continues to tighten the reins on sales activity. Monthly year-over-year listing reductions of 23%, 31% and 34% in May, June and July have resulted in [...]
< 1 minute The Washtenaw County real estate market continues to see historic trends as we move through the summer of 2023. While inventory has dropped significantly, down 28% compared to June of [...]
< 1 minute This year’s year-to-date sales decline of 18% is directly associated with a 19% drop in new listings. Buyers remain on the lookout for movein- ready listings, particularly the more affordable [...]