Ann Arbor homes have seen an increase in the amount of listings this May, compared to last; and with the additional inventory prices are beginning to slowly reduce. An impressive increase of 53.4% more listings were entered this May compared to last May, 224 homes listed versus 146. And although listing prices are lower, it is only a decline of less than 0.5%, from $496,037 to $494,320. Continue reading
Buyer’s and Seller’s Market Dependent on Price Range
For Ann Arbor homes, listings were slightly down and sales increased in April compared to 2017. New listings decreased a small percentage of 1% in comparison to April last year, 173 versus 175. Although there is minimal decline in the amount of listings, according to the Ann Arbor Area Board of Realtors, the average listing price increased from $478,871 to $510,951. The number of sales rose 35% compared to the previous year, from 75 homes sold to 101; along with it, the average sale price increased by 5%, $414,281 versus $435,787. When looking at the average days on the market, only one day differed from this April compared to last, this year had 1 more day equaling 22 days on average. Looking at the year to date statistics, listings are lower. This year, 454 listings have been entered thus far, versus the 496 listings entered in 2017. But, the homes sold since the beginning of the year have a higher volume compared to last year, with 270 homes sold versus 247 in 2017. Homes sold under $400k are a seller’s market, and becomes stronger as the price range reduces. Mid-range homes are part of a balanced market, creating negotiation between buyers and sellers. Higher end homes, such as those above $800k, are considered to be a buyer’s market, with it being most intense in the 1 million dollar + range.
Looking ahead, it should be a solid year for Ann Arbor residential homes. Whether you are looking to sell or buy, contact the real estate specialists with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. And stay tuned for next month’s real estate report for Ann Arbor homes!
More New Listings and Sales in November
Market Update for November 2017
Both new listings and sales for Ann Arbor homes were up for the month of November. New listings entered were up 30% compared with last November, 73 vs. 56, with the average list price coming in at $500,023 vs. $443,054. The number of sales was up 12.5%, 90 vs. 80, with the average days on the market at 38, down from 48. The average sale price was $405,669 compared with $409,972 this time last year. However, when looking at the year-to-date statistics, both listings and sales are down. There were 1383 new listings entered so far this year, compared with 1473 last year, and 1057 sales compared with 1116 last year. It is a very strong seller’s market with a 2.7 month supply of homes for sale overall. The $600k – $700k and $800k – $1 million price points are balanced with only the over $1 million in a buyer’s market with a large inventory.
If the Ann Arbor real estate market stays as busy in December, we may see the gaps narrow, but the year will most likely end with less sales and listings than in 2016. Be sure to check back for the December market update after the new year. Here at The Bouma Group, Realtors we already have a lot of great listings ready to hit the market in late winter and early spring. Be the first to know, contact us today for a sneak preview to see if any are the right match for you! 734-761-3060 or email@example.com
Ann Arbor Home Sales Up in July
When comparing single family home sales in July 2015 to those of July 2014, the number of homes sold rose 14.9%, according to the Ann Arbor Area Board of Realtors. Ann Arbor is just barely in a balanced market with a 5.1 month supply of homes listed for sale, hovering on a seller’s market. Listing inventory is beginning to decline, from it’s high in June, and with heightened sales is creating an even tighter market for buyers.
There is still a strong pool of buyers out there in search of the right home, which is evidenced in the increased home sales despite the decreasing inventory. If you think the home selling season is over, you’re wrong! Call us today at 734-761-3060 for a market analysis for your home to find out what it’s worth in today’s market. We’ve been selling Washtenaw County homes for more than 27 years and know the market better than anyone. Learn more about our seller services here.
Ann Arbor Real Estate Ends Year With Fewer Sales
The year for Ann Arbor Real Estate came to a close with fewer sales than the previous year. Inventory was lower as well. This can be directly attributed to reduced inventory throughout the whole year, which lead to reduced sales. A lack of inventory continues to be a problem for Ann Arbor and our buyer’s agents are still reporting having a large amount of qualified home buyers with no homes available to sell them. When a great listing does come up, multiple offers are submitted and the competition is stiff.
With that being said, NOW is a fantastic time to get your Ann Arbor home listed for sale! The competition in the marketplace has driven home prices steadily upward. Your home is most likely worth more than you think! Contact us today at 734-761-3060 or firstname.lastname@example.org to find out the value of your home, don’t wait until the spring market when inventory will rise. The Bouma Group has been Ann Arbor’s premier home seller for more than 13 years and knows real estate better than anyone. Ready to go? Click here to list your home now!
Ann Arbor Home Sales Slow
Due to a shortage of home inventory, Ann Arbor Real Estate sales are slowing. Typically this time of year, with colder weather and the holiday season, inventory shrinks and as a result so do sales. Compared with last month, the number of homes listed for sale has decreased 15%. Ann Arbor continues to be in a seller’s market with a 3.9 month supply of homes available.
Where is the Ann Arbor Real Estate Market Headed?
Optimism has returned to the Ann Arbor real estate market. While values are still anywhere from 10-65% below the historic highs, they are no longer in a free fall. Ann Arbor homes are an incredible value right now. Low interest rates + the lowest prices in years = opportunity. I don’t believe that this opportunity will last much longer due to a lack of inventory. Most of the leading indicators show a lack of supply and strong demand. Job growth, lack of new construction, and low interest rates have nudged buyers back into the market. Low inventory, decreasing foreclosures, and slowly rising prices are beginning to nudge sellers back into the market. Both of these trends bode well for a healthy real estate market in Ann Arbor.