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Southeast Michigan October 2021
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6,978
Available Listings
+6% from last month
5,859
New Pendings
-7% from last month
39,199
YTD Closed Sales
+10% from last year
$296K
YTD Avg Sale Price
+16% from last year
$169
YTD Price Per Sq Ft
+16% from last year
Summary
Inventory continues to rise while monthly new pendings decline. Last month’s new under-contract sales were down 6% compared to the prior month but still running strong for this time of the year—up 17% compared to the same month in 2019. Active listings rose 6% in the past month and are now up 6% compared to the same time last year. As the market continues to normalize, expect to see more typical seasonality with respect to sales velocity and values. As the extreme buyer demand and competition seen earlier in the year cools, both year-end sales and prices will tail off (see chart above). The shortage of affordable move-in-ready homes will keep those prices up in the middle price ranges but expect most upper price ranges to level.
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 6978 | 6% | 5859 | -7% | 1.2 | 14% |
| $10k - 150k | 1999 | 13% | 1306 | -2% | 1.5 | 15% |
| $150k - 250k | 1580 | 12% | 1784 | -8% | 0.9 | 21% |
| $250k - 500k | 1972 | 0% | 2137 | -10% | 0.9 | 11% |
| $500k + | 1427 | -2% | 632 | -5% | 2.3 | 4% |
YTD Closed Activity
| YTD Closed | 21 v 20 | 21 v 19 | $/SF | 21 v 20 | 21 v 19 | |
| All | 39,199 | 10% | 3% | $168.74 | 16% | 22% |
| $10k - 150k | 8,283 | -17% | -35% | $87.46 | 7% | 8% |
| $150k - 250k | 11.526 | 7% | 1% | $151.69 | 9% | 13% |
| $250k - 500k | 14,778 | 21% | 29% | $174.04 | 12% | 16% |
| $500k + | 4,612 | 76% | 94% | $223.43 | 7% | 8% |
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