Summary

Inventory—Inventory is up 7% from last month and 25% from the same time last year.

Closed Units—Closed sales have been rising month over month, but YTD sales are running slightly behind last year’s pace—down 3%.

Values—YTD average sale price and price per square foot are up 5% and 6% respectively.

Summary—The 2019 market is playing out in a similar fashion to last year. Sales are lagging slightly behind last year’s pace and although prices continue to increase, they are moving at a slower pace than they were in recent years. It’s getting harder for buyers to find move in-ready homes priced under $400k. In the upper price ranges, however, both inventory and months of supply continue to grow.

Inventory—July 1st inventory was about even with the prior month and 18 units higher than a year ago.

Closed Units—June’s 111 closed sales were up by 13 units from the previous month. With 77 more YTD sales than last year, sales are up 19%.

Values—Both average sale price and price per square foot continue to rise, but at different rates within the various price ranges. Although the number of over-$400k sales more than doubled, the average price per square foot of those sales dropped from $305 to $280.

Summary—With both sales and average prices up this year, total closed volume for Washtenaw County condo sales is up by 32% compared to last year. While there are more higher‑end sales, keep an eye on those luxury values. They are showing signs of dropping off as newly built units create competition for resale units.