Southeast, MI Slow Start—Expecting Stronger Second Half

While projections indicate that the influx of new
listings should reach last year’s levels during the
latter half of this year, there’s still a noticeable
delay. Buyers continue to face extended waiting
periods and intensified competition due to the
persistent scarcity of top-quality listings.

While the market frenzy may not be as
vigorous as it was the previous year, an
impressive 61% of last month’s closed sales
were at or over the full asking price. Sellers
presenting pristine, move-in-ready properties
consistently receive their premium asking
prices. Buyers fortunate enough to find
these outstanding listings must craft equally
standout offers to beat their competition.

In April, 45% of completed sales surpassed the
full asking price, while 16% met it and 39% fell
below. Compared to 2022 and 2021, our market
cycle is demonstrating a delayed trend this year.
We anticipate reaching the peak for over-asking
sales in a few months.

Using a Tortoise and the Hare comparison—last
year’s market had an extremely rapid start but
abruptly dropped off in June and through the
balance of the year. This year’s market has had
a slower launch, but business is expected to be
more consistent and fade slower in the second
half of the year.