Washtenaw April 2021
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Single Family Summary
270
Available Listings
-58% from last year
695
YTD Closed Sales
+17% from last year
$369k
YTD Avg Sale Price
+8% from last year
$193/sf
YTD Price Per Sq. Ft.
+11% from last year
$257m
YTD Sales Volume
+26% from last year
Inventory—Available listings continue to drop—down 5% in the past month and 58% from a year ago.
Closed Units—Demand continues to overpower supply. Despite the inventory shortages, YTD closed sales are up 17%.
Values—The imbalance with such short supply and strong demand continues to drive prices up. Average sale price is up 8% and price per square foot is up 11%. Surprisingly, upper-end values are increasing fastest with price per square foot up 11% for properties sold between $400k and $600k and 16% for over-$600k sales.
Summary—Although inventory levels are less than half of what they were a year ago, buyer demand remains so strong that YTD closed sales are 17% ahead of last year’s pace and closed volume is up by 26%. Except for a couple weeks, weekly new pendings have been up compared to both last year and 2019. Fresh inventory will soon be needed to keep up this pace.
Condo Summary
146
March 1st Inventory
-40% from last year
225
YTD Closed Sales
+22% from last year
$283k
YTD Avg Sale Price
+5% from last year
$204/sf
YTD Price Per Sq. Ft.
no change from last year
$64m
YTD Sales Volume
+28% from last year
Inventory—Active listings dropped 14% in the past month and 40% compared to a year ago. The most significant drop was in the $350-$500k price range where inventory was 56% lower than a year ago.
Closed Units—YTD Closed sales are up 22%. While sales are up in all price ranges, the $350k-$500k and the over- $500k ranges are up the most—46% and 57%.
Values—YOY values remain relatively flat. While average sale price is up 5%, that increase is the result of a shift in the sales mix—proportionally more upper-end homes. YTD price per square foot is even.
Summary—Over the past year, COVID had a temporary freeze effect on the condo market. As vaccines help to reopen our urban areas, condo sales are picking up. Values, which took a slight dip through the second quarter of last year, have been rising, but the shortage of inventory has limited the quality of the available stock. Expect prices to rise as new inventory arrives.
