Inventory—Single Family inventory dropped slightly since last month but it’s 12% higher than a year ago.
Closed Units—October closed sales dropped by 86 units (23%) from September. However, through the first three quarters of 2019, closed sales are nearly identical with last year.
Values—Average sale price and price per square foot have both risen in the past year—4% and 5%. Upper-end sales have risen the most for both units and values.
Summary—Despite all the talk about slowing markets, sales through the first three quarters of 2019 were up by 3 units over last year and closed volume is at a historic high. The market is shifting toward a more balanced market. Expect year-end prices to temporarily dip, primarily because most of the prime-condition listings (which sell for the highest prices) have been bought up.
Inventory—Despite the late season, inventory continues to rise and is up 18% compared to this time last year.
Closed Units—Closed sales peaked in July and then dropped the past two months. YTD sales are up by 10% or 69 units compared to last year. Sales in the over-$400k price range are up 86%.
Values—Both average sale price and price per square foot are up by 5% and 6% compared to last year. Despite the number of over-$400k sales jumping up significantly, price per square foot of those upper-end sales dropped 11%.
Summary—Moving into the 4th quarter, expect a seasonal decline in sales activity. There continues to be a shortage of move-in-ready affordable listings—those listings sell quickly and most are gone. In the upper-end range, expect market times to continue to rise and values to drop as the result of over-supply.
2 minutes Heading into the last quarter of 2019, Washtenaw County closed sales have begun to fall off. Inventory has past its peak for single family sales. Through the year-end season and [...]