Buyers continue to grapple with higher interest rates, prices, and taxes, in addition to facing depleted and picked-over inventory. Since the best new listings sell quickly, the remaining listings on the market are typically overpriced or lack the condition and detailing that buyers desire. Despite these challenges, buyers continue to seize the best listings within their initial days on the market, often with multiple offers and prices exceeding the asking amount.
Although the rate of over-asking priced sales dipped slightly in September, 69% of Washtenaw single-family sales were at or above the full price. Over half of these were above the full price, while 18% closed at the list price. Less than one third of the closed sales were priced below the asking amount.
Through the first quarter of 2023, values remained close to the levels of the previous year. However, since April, they have been trending higher. The year-to-date average price per square foot (PPSF) has increased by 4%. While prices are expected to soften through the remainder of the year due to further inventory depletion, September’s PPSF saw a 5% rise compared to the same month last year.
