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By Jeff Roth www.arboradvising.com

How Are Washtenaw County Homes Sales Doing Overall?

Pending sales are down. Median prices are up. Number of homes for sale down. Condos seeing strongest pending sales.

Before diving into the housing market data for Chelsea, Dexter, and Saline, let’s see how the market is doing, in general, in Washtenaw County according to sales data from the Ann Arbor Area Board of Realtors.

Compared to a year ago, pending sales in Washtenaw County fell 9.4%. The median sales price rose 5.7% to $389,900. The number of properties for sale dropped 4.7% and even though the number of pending sales fell they fell the least for condos.

What Is the Story With Mortgage Interest Rates?

Rates on 30-year fixed rate mortgages have averaged between 6-7% for the past year.

There was some optimism at the start of the year the Federal Reserve Bank would start to cut short term interest rates which indirectly would affect the rates on 30-year mortgage rates.

That did not materialize.

We are still waiting for a rate cut this year.

Unfortunately, it may be the labor market showing signs of softening that may prompt the first rate cut and not inflation getting back down to target levels.

We can see the long term historical trend for interest rates going back to the 70’s is higher than the rates we have seen in recent years.

Don’t expect mortgage rates to come down anytime soon.

How Are Home Prices in Chelsea, Dexter, and Saline?

Dexter absolutely crushed it the last 12 months, followed by Saline, Chelsea and Washtenaw County in General.

It is hard to say what lead to the median sales prices being so strong in Dexter but it may have to do with inventory not really increasing there like we saw in Saline which has seen its median sales price actually decline the last 12 months.

How Have the Number of Homes For Sale Changed in Chelsea, Dexter, and Saline?

Looking at the number of homes for sale for the past five years, we can see the difference most strikingly for Washtenaw County in general as the number of properties has decreased overall.

Saline actually saw inventory increase the past five years which may explain why median prices have fallen with the increase in inventory.

Dexter and Chelsea saw the lowest number of homes for sale which likely helps

explain why prices grew so strongly in Dexter along with its close proximity to Ann Arbor.

How Have Days on Market Changed For Chelsea, Dexter, and Saline?

Saline and Chelsea have seen the days on market fall recently with Dexter’s days on market stable with about 43 days on market to sell in general.

Bottom Line For Chelsea, Dexter, and Saline Home Sales

In general, median prices are up. Number of properties for sale is down. Days on market also lower.

Expect more of the same through the rest of the year and don’t expect interest rates to change much.

To your success!

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