Single Family Summary
Inventory— After 10 straight months of decline, active single family home listings have been rising the past two months. They are still down 55% from last year.
Closed Units— YTD closed units continue to outpace recent years with sales up 23% from last year and 17% from 2019.
Values— Strong growth across all price ranges has lifted average sales price 15% in the past year. Much of the growth was among higher end homes, specifically those priced above $400k.
Summary— 2021 continues to be a strong year for single family housing in Washtenaw County with volume up 42%. Homes continue to sell at a fast pace with the average home selling in under 32 days.
Condo Summary
Inventory— While not as sparse compared to single family housing, condo and loft inventory dropped 8% in the past month and is down 46% from last year.
Closed Units— Total sales for condos continue to show strength coming out of the lockdown with sales up 40% from last year and 28% compared to 2019.
Values— Average sales price was able to grow 9% over the last year while the price per square foot for luxury condos actually fell 10%.
Summary— Values continue to rise in all but the upper price ranges. Over time, expect to see fewer affordable condos. Volume is up 53% from last year and will continue to grow stronger as the condo markets move beyond COVID.
