Single Family Summary
Inventory— Available single family homes rose sharply month-over-month up 32% from July. Compared to last year, inventory is down by an equal margin at 33%.
Closed Units— Home sales continue to outpace 2020 (up 26%) but have pulled back slightly this past month. Pending activity looks strong for closing activity to remain level next month.
Values— Values rose sharply earlier in the year and may hold these new elevated levels. Price per square foot is up 15% on the year but pulled back from last months peak.
Summary— Fresh inventory to the market will be much appreciated by buyers. Sellers should keep an eye on market times as homes are still selling quick with an average of 17 days on market.
Condo Summary
Inventory— Condos and lofts saw an uptick in inventory last year during the shutdowns but those numbers have settled back in 2021. Inventory looks flat month over month in Washtenaw and its largest condo market, Ann Arbor.
Closed Units— 2021 Sales outpaced last year by 35% and should remain strong as condos become more favorable exiting the pandemic.
Values— Average sales price rose 16% from last year, which was nearly level with the increase in value of single family homes.
Summary— Sales and price per square foot peaked in June, but pending sales activity looks strong. Despite lower inventory levels, sales are up from last year. Demand remains strong but may slow as the market normalizes and seasonal cycles return.
