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Southeast Michigan March 2022

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Available Listings
-5% from last month
New Pendings
-2% from last month
YTD Closed Sales
-8% from last year
YTD Avg Sale Price
+8% from last year
YTD Price Per Sq Ft
+12% from last year
A tight and picked-over supply of available homes continues to challenge buyers—many have been looking for over a year. The limited inventory quality is also restricting price increases, which will gain momentum as fresh new inventory arrives and heats up buyer competition for this year’s best new listings. Year-to-date average sale price and price per square foot are up 8% and 12%. Average market times bottomed out at 17 days last May and June. They doubled to 34 by December but are again falling at a pace that should have them below 17 by May of this year. Expect fierce spring competition as this year’s new buyers and last year’s carryover buyers compete to grab fresh new listings as quickly as they arrive and before interest rates can make more of a move.
Listings | Change | New Pendings | Change | Months Supply | Change | |
All | 3,615 | -5% | 4,016 | -2% | 0.9 | -3% |
$10k - $150k | 1,521 | -6% | 1,099 | -4% | 1.4 | -3% |
$150k - $250k | 570 | -11% | 1,162 | -9% | 0.5 | -2% |
$250k - $500k | 759 | 0% | 1,290 | 3% | 0.6 | -4% |
$500k+ | 765 | -1% | 465 | 8% | 1.6 | -8% |
YTD Closed | ’22 v ’21 | ’22 v ’10 | $/SF | ’22 v ’21 | ’22 v ’20 | |
All | 5,901 | -8% | -3% | $169 | 12% | 28% |
$10k - $150k | 1,573 | -13% | -31% | $91 | 6% | 17% |
$150k - $250k | 1,810 | -11% | 0% | $154 | 8% | 18% |
$250k - $500k | 1,917 | -7% | 14% | $178 | 11% | 20% |
$500k+ | 601 | 19% | 95% | $237 | 10% | 13% |
2 minutes For the past several years a recurring story we have told is that inventory remains tight. In 2018 with only 7,711 available listings we were reporting on tight inventory levels [...]
< 1 minute In early 2022, half of all sales are being reported as under contract within 10 days of listing. Nearly 60% of closed sales are selling at or above full list [...]
Performance Update and Outlook – SE MI, December ’21
< 1 minute Recent Rate of Sales: 2021 began with extreme high demand and low inventory. Through the first half of the year, fierce buyer competition created bidding wars and “over-asking” sales that [...]