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Southeast Michigan November 2021

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6,230

Available Listings
-11% from last month

5,092

New Pendings
-13% from last month

44,091

YTD Closed Sales
+7% from last year

$296K

YTD Avg Sale Price
+14% from last year

$169

YTD Price Per Sq Ft
+15% from last year

Summary

The fierce buyer competition seen in the early months of this year have been a tough act to follow. Spring bidding wars caused average sale price and price per square foot to peak in June at $319k and $178 (see chart above). While prices and sales have tailed off slightly since, YTD closed sales, average sale price, and price per square foot are all up—7%, 14% and 15% respectively. Prior to the pandemic, demand was high and supply low. The sudden need for home offices and temporary home schooling shot the already-high demand through the roof. Over the past year and a half, most buyers who have had an urgent need to move have by now done so. As demand normalizes, expect prices to settle and stabilize.

Monthly Activity

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All6,230-11%5,092-13%1.23%
$10k - $150k1,939-3%1,152-12%1.710%
$150k - $250k1,391-12%1,560-13%0.91%
$250k - $500k1,670-15%1,827-15%0.9-1%
$500k+1,230-14%553-13%2.2-1%

YTD Closed Activity

YTD Closed’21 v ’20’21 v ’19$/SF’21 v ’20’21 v ’19
All40,0917%4%$16915%22%
$10k - $150k9,278-18%-35%$887%9%
$150k - $250k13,0594%2%$1529%13%
$250k - $500k16,62317%29%$17412%16%
$500k+5,13165%95%$2247%8%

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