Southeast Michigan September 2020
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6,946
Available Listings
-5% from last month
6,106
New Pendings
-4% from last month
29,078
YTD Closed Sales
-12% from last year
$254k
YTD Avg Sale Price
+7% from last year
$145
YTD Price Per Sq Ft
+5% from last year
Summary
While new pendings have consistently outnumbered new listings, inventory levels have dropped every month since January. Inventory is 47% lower than a year ago. Despite Covid, a six-week market shutdown and the shortage of inventory, 2020 closed sales are only 12% behind last year’s pace and the gap is narrowing. Even with all the recent economic and lifestyle changes, buyer demand remains high and home values continue to rise—YTD average sale price is up 7% and price per square foot is up 5%. For anyone thinking of selling, it’s not too late to take advantage of one of 2020’s few gifts—a strong housing market.
