Washtenaw Slow Start—Expecting Stronger Second Half

While the arrival of new listings should reach
last year’s levels during the latter half of this
year, there’s been a noticeable delay though the
early months of this year. Buyers continue to
face extended waiting periods and intensified
competition due to the persistent scarcity of topquality
listings.

The market frenzy isn’t as heated as last year, but
an impressive 66% of last month’s closed sales
were either at or above the full list price, a drop
from 84% last year. Sellers with well maintained,
move-in-ready properties continue to receive
over-asking offers. Buyers who are lucky enough
to find these unique listings need to be creative
in crafting offers that rise above their rivals’.

In April, 46% of closed sales exceeded the full
asking price, 20% were equal to it and 34% fell
short. Compared to 2022 and 2021, our market is
operating on a delayed schedule. The 2023 peak
for over-asking sales will be a few months away.

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.