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Covid Rebound Update—SF and Condos

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Inventory

  • The number of homes for sale has slowly declined since June and is down 25% since this time last year.
  • Inventory shortages are more severe for single family homes in the lower price ranges.
  • Condo inventory levels are closer to last year’s numbers.

Showing Activity

  • Showing activity provides the earliest insight into shifts in demand. Despite the severe lack of inventory, showing activity is running 20% higher than it was last year at this time.
  • Look for showings to tail off due to the combination of season and low inventory. This decline appears in early September numbers.

Daily New Listings

  • Since the reopening of Michigan real estate in May, the rate of new listings arriving on the market has been running close, but a little down from last year’s pace.
  • In recent weeks, new daily new listings have been down 10%.
  • Listing shortages provide opportunity to those who are still thinking of selling. It’s not too late.

Daily New Pendings

  • Since May, year-over-year daily new pendings have generally been up.
  • In the past few weeks they have been running short of last year’s pace.
  • So long as the red new pending line is above last year’s blue line, this year’s closed sales shortfall will continue to shrink.

Rebound Values

  • YTD average price is up 2% for combined single family and condo sales. Price per square foot is even.
  • This year’s sales have fewer lower-priced homes because of lack of inventory.
  • Values of upper-priced homes and condos have been flat or declining.

Summary

The Washtenaw County markets, particularly Ann Arbor, have been more dramatically affected by Covid than most neighboring Southeast Michigan markets. Showings and new pendings drop quickly when negative Covid news is reported. Despite the Pandemic challenges, YTD closed units and volume are down by just 9% and 7% and the closed sales gap is shrinking—down from 26% on June 14th. Extreme low interest rates continue to provide great buyer and seller opportunities.

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