Demand Continues to Absorb Limited Supply

The Washtenaw housing market continues to demonstrate remarkable resilience despite a persistent shortage of new listings. May new listings slipped 5% from April and remain 15% below last year’s pace, yet buyer demand has remained strong enough to keep the market moving and just shy of last year’s year-to-date sales. Closed sales jumped 23% from the prior month, while the average sale price climbed to $570,000 and price per square foot reached a new high for the year.

The story continues to be one of limited supply rather than limited demand. New pendings increased modestly in May despite fewer homes coming on the market, indicating that buyers remain ready to act when desirable properties become available. Sellers of well-priced, movein-ready homes continue to benefit from favorable market conditions, while inventory shortages remain the primary factor limiting overall sales activity.

Looking ahead, the seasonal peak in listing activity is likely behind us, making it unlikely that housing supply will improve significantly through the remainder of the summer. Buyers should be prepared to move quickly when quality homes become available, while sellers who price competitively and present their homes well should continue to see strong buyer interest. Unless listing activity increases meaningfully, limited supply should continue supporting home values across the region.