The spring rush is in full bloom with the market looking very much like last spring. All indicators in May show a strong market. Prices are up 7%, the number of homes sold is up 20%, the amount of homes for sale is down 8% and new listings entering the market are up 1%, keeping Washtenaw in a seller’s market.
The market momentum does vary by lower, medium and upper priced categories. Although they vary in strength, the lower priced markets are moving faster than the upper-end markets. The trends with each price range are constant, regardless of geography (we use price segments of $0-250k, $250-500k and over $500k as general representations of all markets within Washtenaw County).
About 47% of all homes sales are selling at or above list price, up from 45% last year. Homes selling in 10 days or less are also up compared to last year at 49%. This May, 70% of homes sold in 30 days or less. Looking at each sub category by price, they all moved similarly, showing a stronger market than the rest of Southeast Michigan.
Success in buying a home or selling a home in this fast-paced market depends on the skills and knowledge of your Realtor. Reinhart is the place to find more of the top Realtors in Washtenaw County than any other firm. Get in touch with a Reinhart Realtor today.