Blog > Housing Report > Washtenaw County > Washtenaw County March 2021
Washtenaw County March 2021
Topics
- Housing Reports
Subscribe
Get the latest Michigan Housing Reports delivered straight to your inbox!
Topics
Available Listings
-51% from last year
YTD Closed Sales
+12% from last year
YTD Avg Sale Price
+9% from last year
YTD Price Per Sq. Ft.
+7% from last year
YTD Sales Volume
+23% from last year
Inventory— Inventory levels continue to decline—down 51% compared to a year ago and 14% in the past month. Heading into March, there were only 70 active listings priced under $400k compared to 251 a year ago.
Closed Units— Buyer demand is so strong that despite the inventory shortages, YTD closed sales are up 12%. A YOY rise in new pendings will keep closed numbers up through the first half of 2021.
Values— Both average sale price and price per square foot are up—9% and 7%. Some of that increase is the result of fewer entry-priced sales and more upper-end sales. Although upper-end activity is up, those values have been relatively flat with just a 2% increase in price per square foot.
Summary— Intense buyer demand continues to out-muscle supply shortages and keep sales ahead of last year’s pace. Supply levels have fallen to two weeks for listings under $400k and entry-level buyers are competing with investors looking to grab lower-priced homes.
March 1st Inventory
-17% from last year
YTD Closed Sales
+21% from last year
YTD Avg Sale Price
+5% from last year
YTD Price Per Sq. Ft.
-1% from last year
YTD Sales Volume
+27% from last year
Inventory— Condo sales have been picking up faster than new listings have been arriving on the market. As a result, condo inventory is down 8% from last month and 17% compared to last year.
Closed Units— YTD sales are up 21%, and because last month’s new pendings were up 34% compared to the same month last year, expect sales to continue to rise.
Values— While average sale price is up 5%, most of that increase is the result of a fewer entry-level sales (due to the lack of inventory) and an increase in higher-end sales. Ironically, while the number of over-$500k condo sales increased from 9 to 17 units, the price per square foot of those sales dropped from $375 to $308. Within given price ranges, condo values have been flat or declining.
Summary— COVID has been hard on condos, but as vaccinations become widespread, expect the condo markets to open back up and values to pick up.
Michigan Property Taxes in a Nutshell
2 minutes After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]
Washtenaw County Looking Ahead to 2024
< 1 minute DEMAND Since July nearly 65% of all closed sales have been at or above asking price. Buyers continue to compete for listings—a strong indication that demand for quality listings continues [...]
Shift Toward Cash Transactions
2 minutes In recent years, the real estate market has experienced a noticeable shift with an increase in the percentage of cash sales. This trend has been particularly evident in Metro Detroit [...]