The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for predicting the balance of this year’s market activity. 2022 YTD sales are down 8% compared to last year, but they have been running a little closer in recent weeks. Through the balance of the year, expect 2022 sales activity to follow a similar, but slightly lower path compared to last year.
Through the balance of the year, expect the best new listings to continue to sell quickly and for high prices (33% of July sales were over asking compared to 26% last year), but average and below average properties will take a little longer and may require a price reduction before selling. Expect the percentage of properties requiring price reductions to near 30% over the next few months. Values should hold but year-end prices will settle slightly, simply because yearend inventory will contain proportionally more non-prime properties.
< 1 minute The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for [...]
2 minutes For the past several years a recurring story we have told is that inventory remains tight. In 2018 with only 425 available listings we were reporting on tight inventory levels [...]
2 minutes The past few years have seen dramatic market shifts with extraordinarily low supplies combined with high demand, which became extreme when the pandemic instantly changed our housing needs by having [...]