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.”