The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for predicting the balance of this year’s market activity. 2022 YTD sales are down 8% compared to last year, but they have been running a little closer in recent weeks. Through the balance of the year, expect 2022 sales activity to follow a similar, but slightly lower path compared to last year.
Through the balance of the year, expect the best new listings to continue to sell quickly and for high prices (33% of July sales were over asking compared to 26% last year), but average and below average properties will take a little longer and may require a price reduction before selling. Expect the percentage of properties requiring price reductions to near 30% over the next few months. Values should hold but year-end prices will settle slightly, simply because yearend inventory will contain proportionally more non-prime properties.
Michigan Property Taxes in a Nutshell
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After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]
Southeast Michigan 2024 Housing: Trends and Predictions
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Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]
’23 Market Summary and ’24 Predictions
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After a few years of supply shortages, inventory began to return to more normal levels in the second half of 2023. Demand remains strong and buyers continue to wait for [...]