The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for predicting the balance of this year’s market activity. 2022 YTD sales are down 8% compared to last year, but they have been running a little closer in recent weeks. Through the balance of the year, expect 2022 sales activity to follow a similar, but slightly lower path compared to last year.
Through the balance of the year, expect the best new listings to continue to sell quickly and for high prices (33% of July sales were over asking compared to 26% last year), but average and below average properties will take a little longer and may require a price reduction before selling. Expect the percentage of properties requiring price reductions to near 30% over the next few months. Values should hold but year-end prices will settle slightly, simply because yearend inventory will contain proportionally more non-prime properties.
Michigan Property Taxes in a Nutshell
2 minutes After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]
Washtenaw County Looking Ahead to 2024
< 1 minute DEMAND Since July nearly 65% of all closed sales have been at or above asking price. Buyers continue to compete for listings—a strong indication that demand for quality listings continues [...]
Shift Toward Cash Transactions
2 minutes In recent years, the real estate market has experienced a noticeable shift with an increase in the percentage of cash sales. This trend has been particularly evident in Metro Detroit [...]