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 firstname.lastname@example.org. Don’t forget to check back here for more about the market!
Prices Increase Overall but Homes Still Sell Below Asking Price
Both listing and selling prices are increased for Ann Arbor homes compared to last August, as well as compared to the year to date statistics. Luckily for buyers, homes are selling below the listing price. Only 1 more new listing was entered this August compared to the previous, totaling an entry of 134 homes. The average listing price this year was $481,072, which is an increase of 11.3% in comparison to the ALP of last August which was $432,104. For the amount of homes that are put on the market, a good portion of them are selling. Like the amount of listings entered, 1 more home sold compared to the prior August where only 128 homes sold. Another positive is that the average days on the market has decreased by 8%, from 24 days to 22 days now. The average sale price for August is $452,386, this is only a 3.2% increase compared to the ASP in August 2017 which was $438,370. Continue reading
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. Continue reading
With a Rise in New Listings, Prices Slowly Begin to Lower for Ann Arbor Homes
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 email@example.com. 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 firstname.lastname@example.org
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 email@example.com 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.