Increased Inventory for Ann Arbor Homes
Compared to last month and last July, inventory has increased for Ann Arbor homes. As well, average sale prices have also risen for both this month and so far this year. This July, 7% more listings have been entered compared to the prior July, 146 homes versus 136. The average listing price saw a minimal decline compared to last July, from $491,264 to $490,390. Compared to July 2017, there has been a 5.6% increase in the amount of homes sold this month from 124 units to 131. Although prices usually decrease with more available inventory, prices have actually risen for July. This month the average sale price is $443,944, which is an increase of 11.6% compared to the ASP of $397,721 in the previous year. Luckily for home sellers, the average days on the market has decreased to 21 days. So far this year, 1018 homes have been entered into the MLS; this is a 4.3% growth compared to the amount of listings entered at this time last year. Unfortunately, only 655 homes have sold this year which is a slight decrease compared to 2017 which had 663 units sold. The average sale price for homes sold thus far in 2018 is $438,859, this is a slight increase in comparison to the ASP of $428,564 last year. It is still a seller’s market for Ann Arbor single family homes, with a month supply of 4.3. Homes priced from $500k to $800k are considered to be a balanced market. Like always, higher end homes, those above $800k, are a part of a buyer’s market.
If the month supply continues in this trajectory for Ann Arbor homes, the market will soon be balanced. Whether you are looking to buy or sell, contact the real estate experts with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. Check back here for more updated information on Ann Arbor real estate!