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Washtenaw County March 2022

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Single Family Summary

172

March 1st Inventory
-39% from last year

353

YTD Closed Sales
-13% from last year

$414K

YTD Avg Sale Price
+16% from last year

$212/SF

YTD Price Per Sq. Ft.
+14% from last year

$146M

YTD Sales Volume
+1% from last year

Inventory— Single family inventory remains tight. It’s down 8% from the prior month and 39% from last year.

Closed Units— Closed sales are back on the rise up 17% month over month after reaching a two-year low in January. Demand continues to be intense with buyers waiting for new inventory and something nice to buy.

Values— YTD avg sale price and price per square foot are up 16% and 14%. Bidding wars will again drive up prices through the first half of the year before they settle in the second half as inventory quality fades.

Summary— Expect similar sales and price patterns as seen last year. New and carryover buyers from last year are waiting to jump on this year’s best listings as most arrive in the first half of the year. Sales and prices will settle in the second half as inventory quality tails off.

Condo Summary

101

March 1st Inventory
-41% from last year

123

YTD Closed Sales
-10% from last year

$295K

YTD Avg Sale Price
+12% from last year

$212/SF

YTD Price Per Sq. Ft.
+11% from last year

$36M

YTD Sales Volume
-5% from last year

Inventory— As with single family inventory, Washtenaw condo inventory is down—3% from last month and 41% from this time last year.

Closed Units— Due to inventory shortages, closed sales are down 10% compared to last year, but last month’s 153 new pendings nearly doubled the 86 from the same month last year. Expect sales to jump when fresh inventory arrives.

Values— YTD average sale price and price per square foot are up 12% and 11% compared to last year. Like last year, there will be a sharp increase in the first half of 2022 before prices level and tail off in the second half when the best inventory is gone.

Summary— Inventory shortages have the year off to a slow start, but demand from new and carryover buyers remains intense. Expect fierce bidding wars to drive up prices in the first half—so long as the quality listings remain.

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