Southeast Michigan May 2021
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3,713
Available Listings
+13% from last month
4,795
New Pendings
+14% from last month
14,136
YTD Closed Sales
+16% from last year
$272k
YTD Avg Sale Price
+17% from last year
$158
YTD Price Per Sq Ft
+15% from last year
Summary
Available listing levels, which had dropped every month since last June, are finally rising. Buyers who’ve been waiting for those fresh new listings are jumping on them. April new pendings and closed prices were up and that increase in new pendings will lift closed sales over the next couple of months. Through April, YTD closed sales are up 16% from last year and about even with 2019. The price per square foot line in the chart above illustrates how values have been taking off as buyers compete for the new move-in-ready listings as quickly as they hit the market. Fifty-six percent of listings are selling for at or above full price and half of these are selling within 10 days. Expect prices to continue to rise as buyers compete for new listings.
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 3713 | 13% | 4795 | 14% | 0.8 | 0% |
| $10k - 150k | 1016 | -2% | 1178 | 14% | 0.9 | -14% |
| $150k - 250k | 552 | 29% | 1361 | 12% | 0.4 | 15% |
| $250k - 500k | 1082 | 24% | 1688 | 11% | 0.6 | 11% |
| $500k + | 1063 | 14% | 568 | 23% | 1.9 | -8% |
YTD Closed Activity
| Listings | Change | New Pendings | Change | |
| All | 14136 | 16% | $158 | 15% |
| $10k - 150k | 3687 | -11% | $85 | 6% |
| $150k - 250k | 4243 | 14% | $146 | 10% |
| $250k - 500k | 4832 | 33% | $167 | 11% |
| $500k + | 1374 | 94% | $216 | 4% |
