Ann Arbor Homes See an Increase in Both Inventory and Listing Prices
There has been growth in inventory for Ann Arbor homes comparative to last year’s statistics. With listing prices rising, sale prices have too; however, sale prices are still below the asking. This September, 137 listings were entered into the multiple listings service, this is an increase of 15.5% compared to the 110 listings entered last September. The average listing price saw a rise of 8.9%, from $488,176 to $530,567 currently. Unfortunately, only 71 homes were sold in September, which is a 22.8% decline in comparison to the 923 homes sold the previous September. Sale prices have seen an increase of 6.9%, $408,967 versus $437,082 this month. Luckily for home buyers, the average days on the market has lowered slightly to 26 days, from 28 days last September. So far this year, more listings have been entered into the multiple listings services compared to this time last year; but there has been a decline in the amount of sold homes. A total of 1286 homes have been listed for sale thus far, which is an increase of 5.7% compared to the 1217 homes sold at this time last year. There has only been a small rise for the average listing price of homes, from $476,195 to $489,791 which is approximately 3%. Like the increase of ALP, average sale prices have experienced the same growth. The ASP is $441,322 thus far, versus $428,494 last year at this time.
For more information about Ann Arbor homes, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Don’t forget to check back here for more about the market!