Welcome to the Studio Cast’s monthly housing update for Washnaw County. I’m Todd Waller and here is the market update from the Ann Arbor Area Board of Realtors.
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter percentage point to 4.50 to 4.75 percent, its eighth rate hike since March of last year when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month to month as of last measure, but affordability constraints continue to limit home buyer activity overall, with existing home sales declining for the 12th consecutive month according to the National Association of Realtors.
New listings in Washtenaw County decreased 21.4% for single-family homes and 10.8% for townhouse and condo homes. Pending sales increased 15.9% for single-family homes and 19.7% for townhouse and condo homes. decrease 20.4% for single-family homes and 27.8% for townhouse and condo homes.
Median sales price in Washtenaw County decreased 1.7% to 375,000 for single-family homes and 0.3% to $297,450 for townhouse and condo homes. Average days on market increased 20.6% for single-family homes and 66.7% for townhouse and condo homes. Both supply of inventory decreased 8.3% for single family homes and 12.5% for townhouse and condo homes.
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking back up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into the spring.
Thanks so much for stopping by and listening to this monthly update of the Washtenaw County Real Estate Marketplace. This is Studio 48 saying we’re here to recreate real estate.
Welcome to the Studiocast’s monthly housing update for Washtenaw County. I’m Todd Waller and here’s the market update from the Ann Arbor Area Board of Realtors for January 2023.
The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month to month, marking the first increase since May, sales of existing homes fell 1.5% as of last measure according to the National Association of Realtors. Demand for housing persists, but higher mortgage interest rates have cut into housing affordability with total home sales down 17.8% last year compared to 2021.
New listings in Washington County decreased 7.1% for single-family homes and 28.9% for townhouse and condo homes. sales increased 20.1% for single-family homes and 21.9% for townhouse and condo homes. Inventory decreased 16.8% for single-family homes and 29.1% for town homes and condo homes.
Media and sales price in Washington County decreased 4.1% to $325,800 for single-family homes but increased 8.4% to 257,000 for townhouse and condo homes. days on market decreased 5% for single-family homes and 5.4% for townhouse and condo homes. Months supply of inventory remained flat for single-family homes but decreased 18.8% for townhouse and condo properties.
As sales slow, time on market is increasing with the average home spending 26 days on market as of last measure according to NAR. Cellar concessions have made a comeback giving buyers more time and negotiating power when shopping for a home. Though home prices remain high, mortgage rates decline steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should have aid in affordability and may soon lead to an uptick in market activity ahead of the spring-selling season.
This is Todd Waller with StudioFour8 saying, “We’re here to recreate real estate.”
April showers bring May flowers, right? With the amount of rain we saw, May should have bunches and bunches of flowers.
April also saw a fair number of listings come to the market. Buyers saw an increase of housing options, from March to April, in Canton, Chelsea, Farmington/Hills, Livonia, Plymouth, and Saline. The number of sales from March to April also jumped in Ann Arbor, Farmington/Hills, Livonia, Northville, Novi, Plymouth and Saline. Only Northville saw an increase in the average Days on Market from March to April.
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