Blog > Housing Report > Southeast Michigan > Southeast Michigan February 2020
Southeast Michigan February 2020

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Available Listings
-2% from last month
New Pendings
+24% from last month
YTD Closed Sales
+4% from last year
YTD Avg Sale Price
+10% from last year
YTD Price Per Sq Ft
+5% from last year
Following a strong 2019 sales year, 2020 is off to a strong start with January new pendings up 24% from the previous month and sales up 4% compared to last year. Average sale price, price per square foot and closed volume were all up—10%, 5% and 15% respectively. Inventory levels continue to drop while a large number of last year’s carry-over buyers battle for affordable move-in-ready listings. In the $250k to $500k price range, January new pendings were up 20% compared to the same month last year. Expect tight inventory coupled with strong demand to continue to lift prices in 2020.
< 1 minute Inventory Continues to decline—September 1st inventory dropped 4% in the past month and is down 47% since this time last year. Inventory shortages are more severe in the lower price [...]
Home Prices Projected to Appreciate
< 1 minute The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited [...]
< 1 minute Supply and Demand The chart above provides a snapshot of market activity over the past year. Notice how seasonal active listings (red) has dropped compared to prior months while monthly [...]