> > > Washtenaw County February 2020
Inventory—Inventory dropped 7% in the past month, but is 9% higher than this time last year.
Closed Units—January’s 170 closed sales was about even with last year, but down by 95 units compared to the prior month of December.
Values—Average sale price, price per square foot and closed volume were all up compared to last January—4%, 5% and 3%. Strong demand carried over from last year will continue to lift prices, so long as upper-end inventory doesn’t grow to a point of over-supply.
Summary—2020 started off with the same number of closed January sales as last year and 9% more new pendings. Inventory continues to rise compared to prior years. Additional inventory is generally good for sales, so long as it doesn’t hit the point of surplus. While over-$600k listings are up from 128 last year to 141, sales and prices in that range continue to rise at about the same pace.
Inventory—Available listings are up 3% compared to last month and 7% compared to last year.
Closed Units—While January closed sales were slightly lower than both the previous month and previous year, a jump in January new pendings will boost closings over the next couple months.
Values—While both average sale price and price per square foot dropped in January compared to a year ago, they are up compared to December. It’s not uncommon for numbers to dip as closings from year-end sales carry over into the following year.
Summary—Last year, additional new high-end units lifted both sales and prices. 2020 began with 23 fewer over-$600k listings and 11 fewer January sales. That drop in high-end activity was the primary cause of the drop in January numbers. Keep an eye on that upper-end supply.
< 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 [...]
3 minutes The housing market continues to be a bright spot for the economy with increased interest from buyers for single family housing. If homes continue to sell at the current pace, [...]
2 minutes 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 [...]