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Southeast Michigan 7-Year Sale Index

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Summary

Strong buyer demand is being tested by a lack of inventory. Despite a 60% YOY decline in available listings, closed sales are up by 3% (through March 9th). With rising values and fewer entry-priced sales in the mix, average sale price is up 14%. Both YTD new pendings and closed sales are up by 3%, but new listings have been slow to arrive. The growing inventory shortage is stifling sales. Closed sales, which were up 8% YOY in January, were up by just 1% in February. Buyer competition continues to lift values. YOY monthly price per square foot was up by 11% in January and 15% in February.

Monthly Activity

SEMI SF/Condo YTD Summary

201920202021+/-
YTD Units7,8408,3238,5603%
YTD Vol (million)$1,642.8$1,825.6$2,143.317%
Avg Price$209,545$219,339$250,38514%
Avg $/SF$130$133$15214%
Avg SF1,6161,6441,6510%

SEMI Inventory

Screen Shot 2021-03-25 at 2.33.41 PM

Weekly New Listings

Screen Shot 2021-03-25 at 2.34.03 PM

Weekly New Pendings

Screen Shot 2021-03-25 at 2.34.21 PM

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