The shortage of new listings continues to
tighten the reins on sales activity. Monthly
year-over-year listing reductions of 23%,
31% and 34% in May, June and July have
resulted in 20%, 18% and 23% reductions
in new pendings over that same period.
Limited and gradually declining inventory
will continue to restrict the market.

“At or over asking price” sales continue
to run high. Historically, July numbers
might hit 40 to 50%. Last month, 73% of
Washtenaw County closed sales were at or
above full asking price.

While we can expect to see an increase in
the frequency of price reductions, current
numbers are low compared to typical years
and are even lower than the past two
extreme pandemic-driven years. Expect
market shifts to be gradual compared to
last year.