While interest rates have disrupted the market, most of the recent decline in activity is seasonal. Expect year-end activity and prices to decline slightly faster than in recent years, but they close to the pre-pandemic pace of 2019.
Prices have been fading since June, just like they did last year and in most pre-pandemic years. Prices slip in the second half of the year when most of the best listings have been sold off and remaining inventory becomes picked over. Average sale price and price per square foot for October are up 3% and 4% compared to the same month last year. Days on market are rising at a pace that is in line with the season. The best properties continue to sell fastest while average and below-average properties sit and require price reductions. Market times averaged 32 days for properties that accepted sales contracts in October. Those listings that have yet to be selected aging with a 72 day average.
2 minutes As we transition from summer to fall, the Southeast Michigan real estate market shows signs of both resilience and evolution. August’s data brings a mixed bag of trends that indicate [...]
< 1 minute 2023 sales have been driven, or restricted by the arrival of new listings. The slight decline in listings over the past few months has been resulting in a gradual reduction [...]
< 1 minute The Southeast Michigan real estate market continues to see historic trends as we move through the summer of 2023. While inventory has dropped significantly, down 32% compared to June of [...]