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Washtenaw July 2021

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Single Family Summary

379

July 1st Inventory
-49% from last year

1,792

YTD CLOSED SALES
+38% from last year

$411k

YTD Avg Sale Price
+15% from last year

$208/sf

YTD Price Per Sq. Ft.
+16% from last year

$736m

YTD Sales Volume
+59% from last year

Inventory— Inventory took a big 21% jump in June, but it’s down 49% compared to this time last year. Look for inventory levels to continue to rise as new listings outpace new pendings.

Closed Units— YTD closed units are up 38% compared to last year and 9% compared to 2019.

Values— High demand coupled with inventory shortages have driven prices up faster than at any time in the past 30 years. YTD average sale price and price per square foot are up 15% and 16%.

Summary— Inventory shortages are easing as new listings outpace new pendings. The additional listings are providing buyers with choices that they didn’t previously have, especially in the middle price ranges. Look for buyer competition and the speed of value increases to ease as the market slowly begins to balance.

Condo Summary

188

Available Listings
-25% from last year

594

YTD Closed Sales
+47% from last year

$308k

YTD Avg Sale Price
+15% from last year

$218/sf

YTD Price Per Sq. Ft.
+9% from last year

$183m

YTD Sales Volume
+69% from last year

Inventory— While inventory rose 11% in the past month, it’s down 25% from a year ago.

Closed Units— Through the first half of 2021, closed condo sales are up 47% compared to last year and 24% compared to 2019.

Values— Most of the 15% YTD increase in average sale price was due to a change in the sales mix—a large increase in over-500k sales, with little change in the number of entry-level sales. While over-$500k sales more than doubled, price per square foot only increased 1% for those properties. In the other price ranges, the increase was between 2% and 4%.

Summary— The Washtenaw condo market stalled during the pandemic but has been opening back up with sales ahead of both last year and 2019. Although average sale price has had a big lift, property values have increased between 1% and 4% depending on price range.

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