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By Jeff Roth
How is the Real Estate Market Doing Overall in Saline?
New listings are up this year. Overall supply of properties for sale is up and steady. Properties are selling quickly despite listings being up. The increased inventory is moderating prices in Saline.
New listings of single-family homes are up 36% from this time last year in the Saline School District according to the latest released sales data from the Ann Arbor Area Board of Realtors for June 2024.
Days on market are down 13.7% from last year with single-family homes selling, on average, in 63 days.
The percent of list price received was 102.4% for single-family homes, on average, and up 2.8% from this time last year.
Finally, the median sales price of a single-family home was $533,573 in June and up 2.2% from last year.
What is the Trend for New Listings in Saline?
The trend was headed down until this year.
There has been a marked increase in the number of new listings in 2024.
How is the Overall Supply of Properties for Sale in Saline?
Even though the number of new listings has taken off this year, the months supply of properties for sale has been higher and fairly stable with a recent uptick with the new listings.
How Quickly are Properties Selling in Saline?
Properties are selling quickly in Saline despite the increase in inventory.
How are Prices Doing in Saline?
The median sales price for all properties has been moderating and price appreciation is slowing as a result of increased inventory.
Price moderating can be seen in both the single-family home market and for condominiums in Saline although with less effect on the condo market as they are seen as a more “affordable” option.
Bottom Line For How Real Estate in Saline is Doing
In general, inventory is up, properties are selling quickly, but price appreciation is moderating.
Expect more of the same through the rest of the year but don’t expect interest rates to change much.
To your success!
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