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Southeast Michigan July 2021

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4,896

Available Listings
+21% from last month

5,505

New Pendings
+3% from last month

23,780

YTD Closed Sales
+30% from last year

$290K

YTD Avg Sale Price
+21% from last year

$165

YTD Price Per Sq Ft
+19% from last year

Summary

The market continues to rally with inventory, new pendings, closed sales and values all up compared to prior months. Available listings rose 21% and pendings 3% compared to last month. Despite recent increases, listings are down 36% from a year ago and half of what they were in 2019. Showings and new pendings provide an early indication of future closings—both remain strong with recent showings up 11% compared to 2019 when inventory levels were double what they are now. Look for prices to
continue to rise. As seen in the chart above, average price per square foot has increased from $150 in January to $178 in June. Within the price bands shown below, YTD values of mid-price homes are up 10-13% and 8% for the high and low bands.

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All4,89621%5,5053%0.918%
$10k - 150k1,20714%1,1742%1.012%
$150k - 250k86936%1,6414%0.531%
$250k - 500k1,48826%2,0676%0.719%
$500k +1,33216%623-8%2.126%

YTD Closed Activity

YTD Closed21 v 2021 v 19$/SF21 v 2021 v 19
All23,78030%2%$165.2919%22%
$10k - 150k5,556-6%-33%$86.147%8%
$150k - 250k6,91123%1%$148.9810%12%
$250k - 500k8,60751%27%$171.6313%15%
$500k +2,706138%98%$222.848%8%

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