2021 Year End Housing Market Update – Washtenaw County
As you all know, the market was crazy last year. Here’s a quick synopsis of how the housing market was last year for Washtenaw County and the Greater Ann Arbor Area. Annual 2021 sales were up 11% from 2020 and 10% compared to 2019. Tight inventory coupled with extreme demand also drove values up. The average sale price and price per square foot ended the year up 12% and 13% compared to 2020. That is absolutely phenomenal news for anyone who owns a home because it means your equity has grown substantially
Inventory shortages and a high level of carryover demand from buyers who couldn’t purchase a home last year have
showing and new pending numbers up early in 2022. As seen below, market times are dropping and will continue to
drop through the spring.
What the Housing Market Means for Buyer’s and Sellers in 2022
Carryover buyers continue to jump on fresh listings as they arrive. Twenty-five to thirty percent of sales are being reported to the MLS as either “pending” or “accepting backup offers” within 10 days of listing. Expect that number to rise through spring as it did last year. Over sixty percent of closed sales are already selling at or above full list price. That’s unheard of for this early in the year. The “at or over asking” percentages are higher than they were early in 2021. Buyers and sellers should be advised of these trends when pricing or positioning their offers. Expect 2022 to move in a similar pattern as last year. Extreme carryover demand, fueled by fear of rising interest rates, will be blended with historic low inventory levels. Bidding wars will drive prices up like they did in the first half of last year.
By June, nearly three-quarters of closed sales will be at or over asking. The market will settle in the second half when many of the best properties are gone and rising interest rates, prices, and property taxes cut further into affordability.
Anyone that plans to buy or sell soon would be wise to act early in 2022.
If you would like to see the full report, click on the link below.
If you are interested in more info about housing, check out our other blogs:
Published on 2022-02-24 11:57:21