Ann Arbor Real Estate Report – December 2018

More Ann Arbor Homes Sold Than Listed in December to Finish Off the Year

Here is your final real estate report for 2018 for Ann Arbor homes! Both this past month’s prices and year-to-date prices have increased. Unfortunately, both the average sale and listing prices have increased on all fronts as well. Like November, 39 homes were sold this December, which is a 12.8% decrease compared to the 44 homes sold the prior December. There is minimal increase in the average listing price last month, from $451,784 to $452,492 now. A total of 57 homes have been sold in December, and although this is a 17.4% decrease from December 2017; it is good for sellers because more homes were sold than listed (in December) meaning that some homes that were entered into the multiple listings service before December were able to be sold. The average sale price is $436,533 versus $417,239 in December 2017, which is a 4.6% increase. Luckily for sellers, there has been a decrease in the average days on the market, from 56 to 45 days, a 19.6% difference.

The Year in Review

Looking at the yearly statistics, a grand total of 1458 homes have been entered into the MLS for 2018, which is only a small increase compared to the 1426 listed in 2017. Cumulatively, the ALP is $487,432, and this is a 3% rise considering the ALP of 2017 which was $473,312. 1096 homes have been sold this past year in comparison to the 1127 sold the prior year, a small decline. Overall, the average sale price for homes this past year is $438,492, which is a 3.7% increase from the ASP of $422,667 in 2017.

For the general Ann Arbor area, the amount of single family sales have increased since the beginning of the year; however, single family sale prices and and new listings entered have declined. Comparative to 2017, the ASP in 2018 has consistently been above and there has tended to be more sales per month this year too.

Whether you are looking to buy or sell a home, contact the real estate experts with The Bouma Group at (734)761-3060 or email info@bouma.com. For more information about the Ann Arbor homes, as well as the market in surrounding areas, check back here!

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