Washtenaw County Real Estate Report for 2017
2017 was another very competitive year for the real estate market in Washtenaw County. Continued strong employment growth which creates demand, along with historically low interest rates and a shrinking inventory has fueled an increase in average sales price for the 8th year in a row. Average sales prices in Washtenaw County bottomed out in 2009 at $182,287 and since then have increased in value by 66% to $303,087. Meanwhile, the average sales price for a home in Ann Arbor increased to $422,667, a 7.8 % increase over last year.
In spite of the low inventory, we have begun to see some mixed signals. While active listings remain in short supply, we are seeing a decrease in the pace of sales, a reluctance by buyers to enter into multiple offer situations, a lack of over list price offers, buyer’s remorse after an offer is bottom-lined, and buyers negotiating very hard after the building inspection. Because buyers are paying top dollar, they become very intolerant of any problems that may arise during the building inspection. The market also remains susceptible to wider changes in the economic landscape, with slowly increasing interest rates, new construction coming to the market, key tax plan changes, and the anxiety that comes from 8 years of strong price increases and buying at the top of the market. Continue reading
3937 Willis Rd., Milan, MI
SOLD! Adorable ranch style home on an acre of land perfectly located for commuters, has all the charm of a 1940’s era home with many updates of today. 3937 Willis Rd offers:
- 810 square feet with 2 bedrooms and 1 bathroom with retro black and white tile.
- Living room offers original features such as coved ceilings and doorways, also a wood burning, stone fireplace.
- The kitchen is flooded with natural light and will include new appliance that are coming soon.
- Fresh paint, new laminate flooring and new windows throughout the home.
- Spacious backyard is very serene and would be a great place to grow a lovely garden.
- More photos & features
- MLS #3251421
- Listed for $139,900
Contact The Bouma Group, Realtors today to schedule your private showing. Call 734-761-3060 or email email@example.com.
201 Wilkinson Street, Chelsea MI 48118
SOLD! Ranch home on large lot that is just minutes from downtown Chelsea. Features include:
- 1494 square feet with 3 bedrooms and 1 full bath.
- Vaulted family room with cozy brick fireplace
- 1 Car garage
- Walking distance to downtown Chelsea
- More photos and features
- MLS# 3247386
- Listed for $165,000
To learn more about 201 Wilkinson Street, or to schedule a private showing, contact Ann Arbor’s Premier Realtors of The Bouma Group at 734-761-3060. Or email firstname.lastname@example.org. View all Chelsea Homes for Sale here!
More home builders are committing to projects across the nation, according to a recent Associated Press article.
In May, home builders applied for permits to build single-family homes at the fastest rate in five years.
This is a crucial improvement for the real estate market because it will help increase the available inventory of homes for sale, which has fallen short of the demand for such homes in recent months.
National Real Estate Trends
Here’s what every prospective home buyer and seller should know about the recent trends in home construction:
- The rate of homes started increased 6.8 percent in May, to a seasonally adjusted annual rate of 914,000.
- The increase in May helped to offset the 14.8 percent decline in home starts in April.
- During the month of May, construction increased in the single-family homes sector as well as for apartments and condominiums.
- The seasonally adjusted annual rate for the number of applications for single-family home building permits increased by 1.3 percent, to 622,000.
- That figure is the highest it’s been since May 2008.
- However, when you consider all permits, that figure actually dropped by 3.1 percent, or to a seasonally adjusted rate of 974,000. This was mostly because of the more volatile apartment permit sector.
- When broken down by specific region, housing starts in the South increased by 17.8 percent in May.
- Housing starts increased by 5.7 percent in the West.
- Conversely, housing starts in the Midwest and Northeast actually fell, by 13.7 and 9 percent, respectively.
- New-home construction has increased 28.6 percent since May 2012.
Dexter Real Estate Market Slows During Holidays
Inventory and sales for Dexter homes have declined as the holidays progress. This is a typical trend for this time of year as sellers either wait until after the holidays to list their homes or take them off the market for the time being. Dexter is considered to be in a balanced market with a 5.7 months supply of homes available. For the under $400k price range, it is a seller’s market and will remain so with such low inventory. If you’re thinking of listing your home, get a jump on the spring market before inventory climbs. There are still lots of buyers out there with low interest rates waiting for great homes to come available! Give us a call at 734-761-3060 or email email@example.com for a free market analysis and real estate advice for your situation!
What To Do Around Ann Arbor this Holiday Season
‘Tis the season for jolly good fun and spending time with loved ones.Wondering what to do this weekend? Here are just a few of the events and activities in and around Ann Arbor this month.
Saturday, December 8
- 19th Annual Cookie Walk. First United Methodist Church. 120 S. State St., Downtown Ann Arbor. 9-11am. Homemade cookies available for sale. Proceeds benefit local, national, and international missions. Free parking & admission.
- Ann Arbor’s Farmer’s Market. Kerrytown, 315 Detroit St, Downtown Ann Arbor. 7am-3pm. Find the perfect, locally made holiday gifts from a wide array of artisans.
- Santa Visits Kerrytown. Kerrytown Markets and Shops, Downtown Ann Arbor. 10am-1pm. Free.
- 3rd Annual Cookie Walk. First Presbyterian Church of Ypsilanti. 300 N. Washington, Ypsilanti. 9am-noon. Hundreds of homemade cookies for purchase. Sit down for coffee & cookies and enter the raffle for a gingerbread house. $1/person and homemade cookies are $7/pound.
963 Northern Dancer, Saline MI 48176
This gorgeous, former model home features impeccable landscaping with pond views, incredible woodwork and attention to detail throughout, an amazing master suite including a siting area, gourmet kitchen, and much more! Visit our website to learn more about 963 Northern Dancer or give us a call at 734-761-3060 or firstname.lastname@example.org and schedule a private showing!
Memorial Day & Weekend Parades & Activities
Memorial Day is more than just a day off of work and school for Americans. It’s the perfect time to attend some of these great activities and honor those that have given the ultimate sacrifice for our country and to teach our youth what it really means. Following is a list of some events going on in the Ann Arbor area.
Saturday, May 26th
- Annual Riverside Park Pops Concert. Free concert by the Ypsilanti Symphony Orchestra. 3:30pm. Taking place at Riverside Park in Depot Town. Bring a blanket or chair and enjoy this annual event.
- VFW Annual Open House & Memorabilia Display. 10am-5pm. Free. Located at VFW Graf-O’Hara Post 423: 3230 S. Wagner, Ann Arbor. View one of the largest private collections in the Midwest, including uniforms, weapons, field gear, personal items, and more from the Spanish-American War until the present.
4806 Shellbark, Ypsilanti MI
Just Listed! The Bouma Group is featuring this spacious home in Hickory Pointe Subdivision, Ypsilanti with Ann Arbor schools! Details include:
- 3830 sq. ft. +800 in finished lower level
- 4 bedrooms
- 2.1 baths
- Brick paver patio
- Listed for $274,900
- Virtual tour
- More info
To learn more about 4806 Shellbark, or to schedule your private showing for this beautiful home, contact the Ann Arbor Real Estate experts today at 734-761-3060 or email@example.com. View all Washtenaw County home listings here!
3035 Prairie Circle Trail, Ann Arbor, MI 48103
The Bouma Group just listed 3035 Prairie Circle Trl in the Saline school district. This Diuble Meadows home comes 4 bedrooms and a full basement. For more information on this Ann Arbor home or the Ann Arbor real estate market, visit www.bouma.com.