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Southeast Michigan December 2021
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5,462
Available Listings
-12% from last month
5,212
New Pendings
+2% from last month
48,705
YTD Closed Sales
+6% from last year
$295K
YTD Avg Sale Price
+14% from last year
$169
YTD Price Per Sq Ft
+15% from last year
Summary
Although available listings dropped 12% compared to last month, there was a slight rise in new pendings. YTD closed sales, average sale price and price per square foot are all up—6%, 14% and 15% respectively. As illustrated by the price per square foot line in the chart above, prices rose rapidly through the spring market as buyer competition and bidding wars rapidly drove prices up. That intense competition dropped off in June, yet prices have only gradually settled and monthly sales have remained relatively high. Expect some continued settling before activity picks back up as inventory is replenished with fresh listings early in 2022.
Monthly Activity
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 5,462 | -12% | 5,212 | 2% | 1.0 | -14% |
| $10k - $150k | 1,943 | 0% | 1,280 | 11% | 1.5 | -10% |
| $150k - $250k | 1,170 | -16% | 1,670 | 7% | 0.7 | -21% |
| $250k - $500k | 1,313 | -21% | 1,734 | -5% | 0.8 | -17% |
| $500k+ | 1,036 | -16% | 528 | -5% | 2.0 | -12% |
YTD Closed Activity
| YTD Closed | ’21 v ’20 | ’21 v ’19 | $/SF | ’21 v ’20 | ’21 v ’19 | |
| All | 48,705 | 6% | 5% | $169 | 15% | 23% |
| $10k - $150k | 10,233 | -18% | -35% | $88 | 6% | 9% |
| $150k - $250k | 14,474 | 3% | 4% | $152 | 9% | 13% |
| $250k - $500k | 18,347 | 16% | 31% | $174 | 12% | 16% |
| $500k+ | 5,651 | 62% | 98% | $224 | 7% | 8% |
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