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Southeast Michigan October 2020

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Topics

6,593

Available Listings
-10% from last month

5,548

New Pendings
-13% from last month

34,673

YTD Closed Sales
-7% from last year

$257K

YTD Avg Sale Price
+8% from last year

$146

YTD Price Per Sq Ft
+6% from last year

Summary

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.

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