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Saline Michigan Real Estate Market

The 2021 Saline real estate market continues to be a strong sellers market, with low inventory levels, strong price appreciation, and many over list price sales occurring. These June 2021 stats are compared to the previous year’s June 2020 statistics, which means for the year over year comparisons, numbers of transactions, and days on market can be skewed because there was a hot moment where real estate was effectively brought to a standstill. (Thanks, Covid-19.)

Average Sales Price

The average sales price for a single family property (house or condo) sold in Saline in the month of June 2021, was $476,232. Compared to June of 2020, this is up 15.30%. The median sales price also saw a pretty significant jump in June. Median sales price rose 22.24% to $473,390, when comparing June 2020 to June 2021.

Days on Market

Properties sold in June of 2021 were on market for an average of 89 days. This is up over 54% from June 2020. On the surface, this looks like the Saline market is overloaded with inventory. The reality is that there were three new construction listings that finally closed. They had been listed since 2016. Those three sales with 4 years of days on market were enough to push the average days on market up to nearly three months.

Properties Sold At or Above List Price

June of 2021 saw a 62.50% increase in the number of properties sold, compared to June of 2020, with a total of 65 properties receiving new owners.

A newly tracked statistic for the Studio is the percentage of properties each month that sell at or above list price. This metric is another way to gauge the supply/demand inequity in the Saline market. In June of 2021, 81.54% of the properties sold at or above list price.

When over 80% of all home sales are at or above list price, you can be sure that there is fierce competition among buyers for the limited stock of inventory that is coming to market. To be sure, Saline has seen a higher share of property selling at/above list for quite some time. For example, June of 2014 saw 70.37% of the 54 properties sell at or above list price.

What to do With This Information?

If you own a place in Saline, or are thinking of purchasing in Saline, Studio Four8 is here to help you navigate the current market, regardless of the conditions. The current market conditions favor Saline sellers. This is evident by the short days on market, and the percentage of properties selling at and above list price. So, for sellers, this is a great time to be selling. Reach out to a Studio Four8 agent and learn how we maximize the market conditions for your specific home selling scenario.

For purchasers, this is a challenging market, to be sure. Chat with an agent at the Studio and learn how your offer will be considered by a seller, and how we can shorten your time looking for a property.

Saline Michigan’s Real Estate Market Snapshot Shareable Graphic

Every month Todd Waller dives deep into the previous month’s real estate market stats and delivers exciting insights into the status of the Ann Arbor area real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!

Saline Real Estate Market | April 2021

Todd Dives into the market stat numbers for Saline in April 2021

Transcription:

If you’re Looking for the Saline April 2021 Real Estate Market numbers, this video’s for you.

Hey thanks for stopping by, my name is Todd and with Studio Four8 at Berkshire Hathaway HomeServices Snyder & Company realtors, and fresh off the multiple listing system are the April stats numbers for the city of Saline. Just to recap, these are single-family residences, houses, and condos that we are aggregating the information for. These are only properties that have sold in April of 2021. We are comparing, so when you hear the percent changes we are comparing to April of 2020. And just as a refresher, about a year ago we kind of shut everything down so we could figure out what to do with the pandemic, so some of these percent differences are going to seem incredible. And that’s because what we are dealing with now, we’re comparing exactly a year ago where we had very little in the way of business going out, we effectively shut down for a period of time. So some of these percent differences are going to seem incredible.

Average Sales Price

So let’s get right into those numbers. So the average sales price for property in Saline was a whopping $552,484. That’s up almost 33%, 32.46% jump in price compared to April 2020. The median sales price also had a pretty significant jump, it jumped 25.71% to $475,000 as a median sales price in Saline, 475, that is tremendous without putting it too lightly I think.

Days on Market

Days on market, days on market did fall precipitously. So the amount of time that it took for a property in Saline to go under contract fell 54.34% to 19 days. It was an average of 19 days to get a home in Saline under contract. Pretty impressive. That also speaks to the demand and the lack of supply that we have in the marketplace in Saline right now.

Properties Sold At Or Above List Price

The number of properties sold jumped almost 6%, 5.88%, compared to again April of 2020. There were a total of 36 properties that sold in the month of April 2021. The final stat that I have recently added to this report is the percentage of properties that have sold at or above list price, meaning the seller accepted an offer that was at least list price, if not higher. The percentage of properties that sold in April 2021 that were at or above list price was 52.78%. That’s almost 53% of the properties sold in April 2021 sold at or above list price.

So all this to say, if you own a property in the city of Saline, and you are even thinking about selling your property, or maybe you want to get the value on your property, because you know what, property is appreciating. Maybe you want to pull some equity out? I would love to be your resource, to help guide you through what these numbers mean for your specific scenario as well as help you craft a plan. If you’re moving across town or moving across the country, I would love to be your resource when it comes to crafting how we bring our property to market and how do we go about finding that replacement property. This is Todd with Studio Four8 saying we’re here to recreate real estate.