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Southeast Michigan November 2021
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6,230
Available Listings
-11% from last month
5,092
New Pendings
-13% from last month
44,091
YTD Closed Sales
+7% from last year
$296K
YTD Avg Sale Price
+14% from last year
$169
YTD Price Per Sq Ft
+15% from last year
Summary
The fierce buyer competition seen in the early months of this year have been a tough act to follow. Spring bidding wars caused average sale price and price per square foot to peak in June at $319k and $178 (see chart above). While prices and sales have tailed off slightly since, YTD closed sales, average sale price, and price per square foot are all up—7%, 14% and 15% respectively. Prior to the pandemic, demand was high and supply low. The sudden need for home offices and temporary home schooling shot the already-high demand through the roof. Over the past year and a half, most buyers who have had an urgent need to move have by now done so. As demand normalizes, expect prices to settle and stabilize.
Monthly Activity
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 6,230 | -11% | 5,092 | -13% | 1.2 | 3% |
| $10k - $150k | 1,939 | -3% | 1,152 | -12% | 1.7 | 10% |
| $150k - $250k | 1,391 | -12% | 1,560 | -13% | 0.9 | 1% |
| $250k - $500k | 1,670 | -15% | 1,827 | -15% | 0.9 | -1% |
| $500k+ | 1,230 | -14% | 553 | -13% | 2.2 | -1% |
YTD Closed Activity
| YTD Closed | ’21 v ’20 | ’21 v ’19 | $/SF | ’21 v ’20 | ’21 v ’19 | |
| All | 40,091 | 7% | 4% | $169 | 15% | 22% |
| $10k - $150k | 9,278 | -18% | -35% | $88 | 7% | 9% |
| $150k - $250k | 13,059 | 4% | 2% | $152 | 9% | 13% |
| $250k - $500k | 16,623 | 17% | 29% | $174 | 12% | 16% |
| $500k+ | 5,131 | 65% | 95% | $224 | 7% | 8% |
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