Summary

Inventory—Inventory is declining compared to prior months, but it’s 21% higher than this time last year.

Closed Units—Common for the season, November sales dropped by 28% from the prior month. YTD, sales are even with last year, but for a big picture comparison, about 8% below what they were in 2016 and 2017.

Values—While amounts vary by price range, both average sale price and price per square foot are up 4% compared to last year. Remarkably, price per square foot is up the most (7%) for closed sales priced above $600k.

Summary—2019 sales are even with last year, but down 8% from both 2016 and 2017. Prices and closed volume are up 4% compared to last year.

Inventory—Available listings remained even with last month but are up 13% compared to the same time last year.

Closed Units—The additional listings provided buyers with more options. YTD closed sales are up 8%. The $150k to $225k range had a 19% increase in sales. The over-$400k market was up 98%—sales jumped from 80 last year to 159.

Values—Average sale price is up 8% for Washtenaw condos, but most of that is the result of the huge jump in high-end sales. Within price levels between $150k and $400k, price per square foot is only up one or two percent. For condos priced over $400k, average price per square foot dropped from $303 last year to $280 this year.

Summary—Additional new high-end units have lifted both sales and average prices. They have also provided increased competition, which has been challenging values.