The 2022 Washtenaw County market activity continues to follow a similar path to last year. The chart of weekly new under contract sales provides a great point of reference for predicting the balance of this year’s market activity. 2022 YTD sales are down 8% compared to last year, but they have been running a little closer in recent weeks. Through the balance of the year, expect 2022 sales activity to follow a similar, but slightly lower path compared to last year.
Expect the best new listings to continue to sell quickly and for high prices. More than half of August sales were UC within 10 days. Properties that are in average or below-average will remain on the market longer and may require price reductions. The percentage of properties requiring price reductions will continue to rise. YTD average sale price is up 6% compared to last year. While values will hold, expect a slight decline in year-end prices as inventory gets picked over with fewer remaining prime listings.
