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Southeast Michigan February 2020

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Summary

9,712

Available Listings
-2% from last month

3,802

New Pendings
+24% from last month

2,804

YTD Closed Sales
+4% from last year

$231k

YTD Avg Sale Price
+10% from last year

$134

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.

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