Washtenaw, Michigan: Over-Asking Offers Driving Up Prices
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Buyer demand remains strong despite supply, interest rate, price and property tax challenges.
Buyers continue to compete for listings with 69% of April closed sales at or above full asking price. This chart tracks closed sales—sales that went under contract 30 to 45 days earlier. The market is following patterns of previous years’ cycles and is nearing its peak for both new listings and competing offers.
Real estate can be compared to a produce market— as the arrival of the best and freshest produce fades, so will sales and prices. Great listings will continue to arrive throughout the year, but buyers will have to be diligent in keeping an eye out for them and ready to move when they see them.
• Sales -9%
• Avg Sale Price +6%
• Avg $/SF +11%
• New Pendings -11%
