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Southeast Michigan May 2021

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3,713

Available Listings
+13% from last month

4,795

New Pendings
+14% from last month

14,136

YTD Closed Sales
+16% from last year

$272k

YTD Avg Sale Price
+17% from last year

$158

YTD Price Per Sq Ft
+15% from last year

Summary

Available listing levels, which had dropped every month since last June, are finally rising. Buyers who’ve been waiting for those fresh new listings are jumping on them. April new pendings and closed prices were up and that increase in new pendings will lift closed sales over the next couple of months. Through April, YTD closed sales are up 16% from last year and about even with 2019. The price per square foot line in the chart above illustrates how values have been taking off as buyers compete for the new move-in-ready listings as quickly as they hit the market. Fifty-six percent of listings are selling for at or above full price and half of these are selling within 10 days. Expect prices to continue to rise as buyers compete for new listings.

Monthly Activity

ListingsChangeNew PendingsChangeMonths SupplyChange
All371313%479514%0.80%
$10k - 150k1016-2%117814%0.9-14%
$150k - 250k55229%136112%0.415%
$250k - 500k108224%168811%0.611%
$500k +106314%56823%1.9-8%

YTD Closed Activity

ListingsChangeNew PendingsChange
All1413616%$15815%
$10k - 150k3687-11%$856%
$150k - 250k424314%$14610%
$250k - 500k483233%$16711%
$500k +137494%$2164%

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