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TAAR 5-County Housing Rebound Update

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Summary

This report is designed to be a follow-up to our June 19th TAAR 5-County Housing Rebound Report with a focus on how recent increase in Covid cases in many parts of the country and new areas of Michigan are affecting local real estate market activity. Our intent is to continue to monitor inventory, new listings, new pendings and values to provide our agents and clients with early notice of market shifts.

Available Inventory

  • The year opened with inventory down 13% compared to last year.
  • Covid arrived in Michigan about the time inventory should have begun building up.
  • For four months it was frozen at or just under 1100 units.
  • The rush of new listing hit when the market reopened in May, but since then inventory levels have fallen at a time when they seasonally should be rising.
  • Current inventory is 37% below where it was this time last year. 

Showing Activity

  • Pre-Covid and post-reopening showing activity has been up compared to last year. 
  • The only time 2020 showing activity was down was during the shelter-in-place order from March 22nd to May 7th.
  • Showing activity was extraordinarily high through June with 36% more showings this year compared to last.  
  • In recent weeks the margin has been shrinking. Through the 4th of July holiday, showing activity was about even with last year. In the past week, it picked back up. 

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