Market Predictions for the Balance of 2022
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The 2022 Southeast Michigan 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 yearβs market activity. 2022 was running a little ahead of 2021 in the spring months of April and May. It fell a little off pace in the summer. Although the sales gap will widen slightly in the fall and early winter, the market will continue to run in a similar pattern 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.
