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Northwest, MI Sales Limited by Supply Thirst for Quality Homes Remains Unquenched

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Despite continued strong demand, limited active
inventory quantity and quality continues to
bottleneck sales. Buyers are waiting and jump
when fresh inventory arrives. March closed sales
were up 50% compared to the prior month, and
a 29% increase in new pendings will continue to
lift April and May closed sales.

The best listings continue to sell quickly. The
10-day sales chart shows 37% of March new
sales were on the market for 10 days or less.
While that’s short of last year’s historic 43%,
it ties the previous high set in 2021 and is
nearly double pre-pandemic figures. Demand
remains high despite inventory and affordability
challenges.

Twenty-six percent of March closed sales were
above full asking price, 27% were at asking and
47% were below asking. Like new sales activity,
“over” offers jumped in February when interest
rates were temporarily lowered, but faded in
March as rates returned to where they were.
Buyers continue to wait for their “something
special”. Expect buyer competition to heat up
as fresh new listings hit the spring market or if
there’s another dip in rates.

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