The shortage of new listings continues to tighten the reins on sales activity. Monthly year-over-year listing reductions of 23%, 31% and 34% in May, June and July have resulted in 20%, 18% and 23% reductions in new pendings over that same period. Limited and gradually declining inventory will continue to restrict the market.
“At or over asking price” sales continue to run high. Historically, July numbers might hit 40 to 50%. Last month, 73% of Washtenaw County closed sales were at or above full asking price.
While we can expect to see an increase in the frequency of price reductions, current numbers are low compared to typical years and are even lower than the past two extreme pandemic-driven years. Expect market shifts to be gradual compared to last year.
