We can definitely tell that spring has arrived in the Ann Arbor Real Estate Market. Listing inventory in Ann Arbor has increased 29% in the past 30 days, however the number of homes going under contract increased by 46% in the same time period. This tells me that in the past month, sales are outpacing new listings, which is a very good sign for the market. The largest increase was seen in the 200-300K price range with a 55% increase in the past month. Once we get above 700K, there is no movement, with an actual decrease in the 700-800K range. Above 1 million, there is now 1 home under contract out of 29 available listings.

In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market. As you’ll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.

 ZIP Codes: 48103, 48104, 48105, 48108

Approximate Location Boundaries: Ann Arbor School District

Location Characteristics: Ann Arbor has many distinct neighborhoods that offer a variety of home buying opportunities. The area is a cultural Mecca with many performance centers and theaters, live music, dance groups, libraries, museums, parks, & farmer’s markets. It is considered the education capital of the Midwest because it is home to the University of Michigan, one of the country’s top universities. The Ann Arbor area offers one of the most varied menus of restaurants in the state with Main Street as one of Michigan’s best places to eat, people watch and shop. In July, Ann Arbor is host to the Ann Arbor Art Fairs, which is among the nation’s top street festivals and takes up nearly all of the downtown area. Artists and shoppers travel from all over the country to attend this yearly event. Ann Arbor is a great place to live!