Blog > Housing Report > Southeast Michigan > Southeast Michigan October 2020
Southeast Michigan October 2020

Topics
- Housing Reports
Subscribe
Get the latest reports delivered straight to your inbox!
Topics
Available Listings
-10% from last month
New Pendings
-13% from last month
YTD Closed Sales
-7% from last year
YTD Avg Sale Price
+8% from last year
YTD Price Per Sq Ft
+6% from last year
Market activity continues to be strong despite having half as many available listings as this time last year. September new pendings dropped off slightly compared to the prior month but were up 35% compared to last year. As seen above, daily new pendings continue to run nearly 30% higher than a year ago. YTD closed sales are down 7%, but that gap is narrowing (it was 12% last month) and closed sales should be even by the end of the year. Values continue to rise with YTD average sale price up 8% and price per square foot up 7%. The market continues to be strong as it’s started into the fourth quarter. It’s not too late for sellers to jump in and take advantage of the great market opportunities.
< 1 minute 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 [...]
Home Prices Projected to Appreciate
< 1 minute The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited [...]
< 1 minute Supply and Demand The chart above provides a snapshot of market activity over the past year. Notice how seasonal active listings (red) has dropped compared to prior months while monthly [...]