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Southeast Michigan March 2022

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Topics

3,615

Available Listings
-5% from last month

4,016

New Pendings
-2% from last month

5,901

YTD Closed Sales
-8% from last year

$277K

YTD Avg Sale Price
+8% from last year

$169

YTD Price Per Sq Ft
+12% from last year

Summary

A tight and picked-over supply of available homes continues to challenge buyers—many have been looking for over a year. The limited inventory quality is also restricting price increases, which will gain momentum as fresh new inventory arrives and heats up buyer competition for this year’s best new listings. Year-to-date average sale price and price per square foot are up 8% and 12%. Average market times bottomed out at 17 days last May and June. They doubled to 34 by December but are again falling at a pace that should have them below 17 by May of this year. Expect fierce spring competition as this year’s new buyers and last year’s carryover buyers compete to grab fresh new listings as quickly as they arrive and before interest rates can make more of a move.

Monthly Activity

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All3,615-5%4,016-2%0.9-3%
$10k - $150k1,521-6%1,099-4%1.4-3%
$150k - $250k570-11%1,162-9%0.5-2%
$250k - $500k7590%1,2903%0.6-4%
$500k+765-1%4658%1.6-8%

YTD Closed Activity

YTD Closed’22 v ’21’22 v ’10$/SF’22 v ’21’22 v ’20
All5,901-8%-3%$16912%28%
$10k - $150k1,573-13%-31%$916%17%
$150k - $250k1,810-11%0%$1548%18%
$250k - $500k1,917-7%14%$17811%20%
$500k+60119%95%$23710%13%

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