Southeast Michigan August 2020
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7,301
Available Listings
-5% from last month
6,349
New Pendings
no change from last month
23,504
YTD Closed Sales
-16% from last year
$249k
YTD Avg Sale Price
+6% from last year
$143
YTD Price Per Sq Ft
+4% from last year
Summary
Although inventory is down 39% compared to last year, daily showing activity and new pending sales continue to run at a faster pace than last year. July closed sales were up 33% compared to the previous month and 12% compared to July of 2019. Values continue to rise, YTD average sale price and price per square foot are both up—6% and 5% respectively. Record-low interest rates and strong demand will continue to drive sales so long as there are enough listings to keep the fire from going out. Potential sellers who have been waiting to see how Covid would impact the market would do well to jump in while it’s hot.
