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Covid Rebound Update

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Inventory

  • Continues to decline—September 1st inventory dropped 4% in the past month and is down 47% since this time last year.
  • Inventory shortages are more severe in the lower price ranges. Under-$500k listings are down 57% and over- $500k listings are down 28%.
  • Already low inventory levels continue to decline when (seasonally) they should still be rising—a great opportunity for sellers.

Showing Activity

  • Showing activity provides the earliest insight to shifts in demand. Despite the severe lack of inventory, showing activity is running 34% higher than it was last year at this time.
  • Look for showings to tail off due to the combination of seasonality and low inventory.
  • Expect demand and showing levels to remain high for move-in-ready homes in the more affordable price ranges.

Daily New Listings

  • The rate of new listings arriving on the market has been down since March, when Covid arrived in Michigan.
  • The gap narrowed near the end of summer but dropped off again the first week of September as household focus for families shifted to figuring out what’s going to happen with the school year.
  • The extreme listing shortages continue to provide opportunity for sellers who haven’t yet cashed in on this high-demand market.

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