Southeast Michigan 7-Year Sale Index
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Summary
Strong buyer demand is being tested by a lack of inventory. Despite a 60% YOY decline in available listings, closed sales are up by 3% (through March 9th). With rising values and fewer entry-priced sales in the mix, average sale price is up 14%. Both YTD new pendings and closed sales are up by 3%, but new listings have been slow to arrive. The growing inventory shortage is stifling sales. Closed sales, which were up 8% YOY in January, were up by just 1% in February. Buyer competition continues to lift values. YOY monthly price per square foot was up by 11% in January and 15% in February.
Monthly Activity
SEMI SF/Condo YTD Summary
| 2019 | 2020 | 2021 | +/- | |
| YTD Units | 7,840 | 8,323 | 8,560 | 3% |
| YTD Vol (million) | $1,642.8 | $1,825.6 | $2,143.3 | 17% |
| Avg Price | $209,545 | $219,339 | $250,385 | 14% |
| Avg $/SF | $130 | $133 | $152 | 14% |
| Avg SF | 1,616 | 1,644 | 1,651 | 0% |
SEMI Inventory
Weekly New Listings
Weekly New Pendings
