Is There a Shortage of Properties for Sale in Chelsea, Dexter, and Saline?
By Jeff Roth www.arboradvising.com
Is There a Shortage of Properties for Sale?
New listings decreased 17.0 percent for single-family homes and 23.6 percent for townhomes and condos in Washtenaw County in March from a year ago.
Consequently, the inventory of available single-family homes decreased 25.2 and 31.8 percent for townhomes and condos.
The lack of inventory makes competition between buyers for the available properties fierce and puts continued upward pressure on prices. Additionally, with interest rates higher, it means fewer people are interested in selling if they have a low-interest rate mortgage on their current property.
What Are Interest Rates Doing?
Rates on 30-year fixed rate mortgages have averaged between 6-7% recently.
Currently they are about 6.39%. Down slightly from last month when rates were 6.42%.
However, if we look at rates historically, they are actually more typical than the 3-4% rates many people have on their current properties.
How Are Prices Holding Up?
Median sales prices are up again in March for all three communities in general.
As a comparison, median sales price increased 9.6% to $399,900 for single-family homes but decreased 0.5% to $285,000 for townhomes/condos for all of Washtenaw County.
How Did Sales Data Compare from February to March 2023?
New listings are up for all three communities, days on market have also increased as well the median sales price.
We will have to see how things unfold through the traditionally strong, spring season with interest rates, inventory levels and days on market.