Southeast Michigan March 2021
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3,234
Available Listings
-15% from last month
3,606
New Pendings
-4% from last month
6,258
YTD Closed Sales
+6% from last year
$257k
YTD Avg Sale Price
+14% from last year
$151
YTD Price Per Sq Ft
+14% from last year
Summary
With YTD sales up 6%, there’s no shortage of demand, but the lack of inventory is gaining the upper-hand and will restrict future sales heading into the spring market. That increase in closed sales is amazing, considering inventory levels are down 61% and they continue to decline each month. Buyer competition will continue to lift prices. YTD average price and price per square foot are both up 14%—much of that is due to fewer entry and middle-priced sales and more upper-end sales. The amount of increase is about 10% for under-$250k homes and only 4% for over-$500k properties. Both sellers and buyers who want to move this year should get an early start.
Monthly Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 3234 | -15% | 3606 | -4% | 0.9 | -11% |
| $10k - 150k | 1040 | -20% | 1050 | -2% | 1.0 | -18% |
| $150k - 250k | 469 | -17% | 1055 | -8% | 0.4 | -10% |
| $250k - 500k | 842 | -15% | 1152 | -6% | 0.7 | -9% |
| $500k + | 883 | -7% | 349 | 5% | 2.5 | -12% |
YTD Closed Activity
| Listings | Change | New Pendings | Change | Months Supply | Change | |
| All | 3234 | -15% | 3606 | -4% | 0.9 | -11% |
| $10k - 150k | 1040 | -20% | 1050 | -2% | 1.0 | -18% |
| $150k - 250k | 469 | -17% | 1055 | -8% | 0.4 | -10% |
| $250k - 500k | 842 | -15% | 1152 | -6% | 0.7 | -9% |
| $500k + | 883 | -7% | 349 | 5% | 2.5 | -12% |
