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Southeast, 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. Although March closed sales
were up 26% compared to the prior month, a
10% drop in March new pendings will limit April
closed sales.

The best listings continue to sell quickly—42% of
March new sales and half of April’s (through April
17th) took 10 days or less. Quality and quantity
on the supply side seem to be limiting sales
more than any lack of demand.

Thirty-five percent of March closed sales were
above full asking price, 18% were at asking
and less than half were under. As shown in
the “Under, At and Over” chart, the “Over”
sales are increasing while the “Under” sales are
decreasing. Expect the Over-Asking percent to
peak in June as it has done the past two years.

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