While interest rates have disrupted the market, most of the recent decline in activity has been seasonal. As the market moves toward the year end, expect sales activity decline to levels close to pre-pandemic years.
Prices have been fading since June, just like they did in 2021, 2020, and 2019. Prices slip in the second half of the year as most of the best listings sell off and the quality of remaining inventory becomes depleted. Both average sale price and price per square foot for October are up 9% compared to the same month last year.
Days on market are rising at a pace that is in line with the season. The best properties continue to sell fastest while average and below-average properties sit and require price reductions. Market times have averaged 32 days for properties that accepted sales contracts in October. However, the average market time for listings that have not yet sold is rising—currently at 72 days.
< 1 minute Halfway through December, the 2022 average sale price of a single family home in Washtenaw County is $455k. That’s up 30% from 2019 and 12% compared to last year. The [...]
< 1 minute Passing through the fourth quarter, both market times and the frequency of price reductions are rising, but the best new listings continue to sell quickly—frequently at or above full price. [...]
< 1 minute The pandemic-induced run-on home purchases is fading, but across all price ranges, the best move-in-ready properties are still selling at or over-asking and quickly. At the same time, average and [...]