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Washtenaw County October 2021

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Single Family Summary

422

September 1st Inventory
-36% from last year

2,932

YTD CLOSED SALES
+16% from last year

$412k

YTD Avg Sale Price
+14% from last year

$210/sf

YTD Price Per Sq. Ft.
+14% from last year

$1.2B

YTD Sales Volume
+32% from last year

Inventory— Available listings fell 5% in the past month and remains down 36% from last year. Inventory hit a low of 270 listings in March before nearly doubling to 500 by August. It’s gradually been declining since.

Closed Units— YTD closed sales are up 16% compared to last year. The additional sales were in the upper price ranges. Over-$400k sales jumped 53% in the past year from 803 to 1,225.

Values— YTD average sale price and price per square foot are up 14%. While much of that jump is due to a higher proportion of more expensive home sales, price per square foot of $400 to $600k sales is up 11%.

Summary— While the market continues to thrive, demand is normalizing and seasonality is returning. Supply levels remain close to a month in all but the over-$600k range (3 months). Expect a temporary dip in both sales and prices through the balance of the year.

Condo Summary

145

September 1st Inventory
-43% from last year

919

YTD Closed Sales
+28% from last year

$302k

YTD Avg Sale Price
+14% from last year

$219/sf

YTD Price Per Sq. Ft.
+12% from last year

$278m

YTD Sales Volume
+47% from last year

Inventory— Condo inventory peaked around the end of July at 190 units and has been declining since. With 145 available properties, inventory is down 43% from the same time last year.

Closed Units— Closed sales are up 28% compared to last year and 20% compared to 2019, but activity is slowing. Both sales and new pendings dropped 20% last month and will continue to slow through the balance of the year.

Values— While YTD average sale price is up 14%, prices peaked in June at $247/SF and have been tailing off since—in October the average was $222/SF.

Summary— COVID was tough on condo markets, but they bounced back in the spring. The market peaked in June—value and units. Inventory shortages have limited buyer options. With demand settling and fewer prime listings available, expect sales and prices to temporarily dip.

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