Single Family Summary
Inventory— Available listings have been holding steady near 300 since March. Inventory is down 61% from just shy of 800 a year ago.
Closed Units— Despite the lack of available listings, buyer demand has been so extreme that closed sales are up 43% compared to last year and 11% compared to 2019—a more typical year for comparison.
Values— Average sale price and price per square foot are up 14% and 15% compared to last year—17% and 13% compared to 2019.
Summary— As prices continue to rise over time, the number of higher priced homes in the sales mixed has doubled. Washtenaw’s upper-end values dipped sharply during the COVID shutdown last year. They are quickly recovering. Average price per square foot for homes that sold over $600k is up 19% from a year ago and up 8% compared to 2019.
Condo Summary
Inventory— While inventory levels in most local markets have dropped to less than half of what they were a year ago, Washtenaw condos are down by 39%.
Closed Units— Condo sales slowed dramatically as we passed through the initial months of COVID but leveled out to normal levels as the result of a strong second half. YTD sales are up 57% compared to last year, but 5% compared to 2019’s more typical level.
Values— Average sale price and price per square foot are up 9% and 4%. Although the number of condos that have sold for more than $350k has doubled since last year, price per square foot has dropped.
Summary— Condo sales should continue to improve as COVID fades away—especially for higher priced units but expect values to remain flat at the higher end.
