This November, Ann Arbor residential has seen a major dive in the amount of new listings entered. Only 39 homes were entered into the multiple listings service, this is a extreme 49% decline compared to last November last year when 73 homes were entered. There has only been a minimal increase in listing prices, from $500,023 on average in November 2018 to $507,659 currently. Luckily for sellers, a total of 97 homes were sold this past month, in comparison to the 90 homes sold the prior November, which is a 7.8% increase. The average selling price is still below the average listing price at $430,073, but is 6% above last year’s ASP of $405,669. For the month of November, the average days on the market is 36, which is better than the 38 days last November.
So far this year, 1419 homes have been entered into the MLS, and this is a minor increase compared to the 1383 homes that had been listed at this time in 2017. The average listing price cumulatively is $488,694 currently, versus $474,190 last year, which is a 3% rise. There has only been a slight decline in the amount of sold homes thus far in comparison to the previous year, from 1057 to 1038 sold homes. Like ALP, the ASP has also increased; overall, homes sell for $438,210 and this is a difference of 3.6% compared to $423,024.
Perhaps this significant decline in homes is due to the upcoming holidays. Whether you are looking to buy or sell a home, don’t hesitate to contact the real estate specialists with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. Check back here for more up-to-date information on Ann Arbor homes!