> > > Southeast Michigan Year-End 2021
2021 Closed Sales
+5% from last year
2021 Avg Sale Price
+13% from last year
2021 Price Per SQ FT
+14% from last year
2021 Dollar Volume
+19% from last year
As seen in the chart above, both prices and sales were shot out of a cannon last spring. With more than half of all sales receiving multiple offers, average sale price jumped 17% from $265k in the first quarter to $309k in the second. Just as suddenly as the market took off, it settled in June. Buyers who had been hyper-focused on buying homes were distracted when they were suddenly able to resume the traditional life activities they had missed over the prior year. Although they tailed off slightly in the second half of the year, fourth quarter prices and demand remained strong as they carried over into 2022.
Annual 2021 sales were up 6% from 2020 and 7% compared to 2019. Tight inventory coupled with extreme demand drove prices up. Average sale price and price per square foot ended the year up 13% and 14% compared to 2020. Inventory shortages and a high level of carryover demand from buyers who couldn’t purchase a home last year have showing and new pending numbers running high early in 2022.
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 [...]
< 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 [...]