Low Inventory Encourages Prices to Climb
Although only slightly less, Ann Arbor homes saw a decrease in both listings and sales entered this June compared to the previous. The amount of new listings entered only differed by 1.5%, from 194 homes to 197 homes last June. Listing prices saw an increase of 5.9% though, with the average LP being $449,417 in 2017 and $475,710 currently. Properties sold in June declined by 4.3%, 139 versus 133 sold homes. However, the average sale price rose by 3.4% from $434,142 last June to $449,116 this year. Houses are being sold faster, with the average amount of days on the market being 18; this is great for sellers. So far this year, there is a 3.8% increase in homes listed from 840 in the year prior to 872 now. With the small increase of homes added to the market, prices have done the same, $477,729 versus 488,286; an increase of 2.2%. The amount of properties sold to date has decreased 3.3% from 540 to 522 sold homes. There has been minimal discrepancy between the average sale price so far this year compared to the previous year, $435,573 versus $437,914 currently. Overall, it is a seller’s market for Ann Arbor residential homes; especially for homes priced under $600k. Higher end homes, in the $600k to $1m range, are considered to be a part of a balanced market. As per usual, luxury homes that are over $1m are 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 firstname.lastname@example.org. And stay tuned for next month’s real estate report for Ann Arbor homes!
Strong Spring Sales for Ann Arbor Real Estate
The spring market is going strong for Ann Arbor Real Estate. According to the Ann Arbor Area Board of Realtors, home sales increased 11.2% in April when compared with the same time period last year. Sale prices are also on the rise, with a 6% increase. However, inventory is still down with less homes being listed in April. Overall, Ann Arbor continues to be in a seller’s market with a 4.4 month supply of homes listed for sale. The over $600,000 market is much slower and in favor of buyers.
With the continued price increases in the Ann Arbor area, your home may be worth a lot more than you think! For more information on the current market conditions or to find out what your home is worth, contact the Ann Arbor Real Estate specialists with The Bouma Group at 734-761-3060 or email@example.com. Search the MLS for homes here!
Home Sales Increase While Listings Decrease
When compared with September 2014, Ann Arbor home sales, for the past 12 months, increased by 14.5%. New listings actually decreased slightly, keeping Ann Arbor in a seller’s market with an overall 4 month supply of homes available. There are 74 homes for sale over $800,000 and with much lower sales, this price point remains in a strong buyer’s market. September typically marks the slow down for real estate after the busier summer selling season. We will continue to monitor the market and keep you posted of the latest trends.
Even though the market slows down this time of year, it doesn’t stop! Buyers and sellers alike are more focused and determined. There is still time to get into a new home by the holidays! Start now with our state-of-the-art real estate search and start your journey to a new home. Thinking of selling? Get a comparative market analysis and find out what your home is worth and what The Bouma Group can do for you to get it sold. To learn more about our service for home sellers and buyers, contact us today at 734-761-3060 or email firstname.lastname@example.org.
Do Sellers Hold the Cards for Ann Arbor Real Estate?
Ann Arbor Real Estate continues to be in a seller’s market with a 4.5 months supply of homes available on the market. Inventory is at its lowest point all year and sales are at their highest. Does this mean that seller’s hold all of the cards in this market? While there are fewer homes listed for sale, buyers are still expecting to get a good deal are hard negotiators. But as Ann Arbor home prices rise and recovery is in full swing, with fewer choices for buyers, homes in pristine condition are selling quickly and for more money. Bank appraisals are keeping home prices in check, so even if a buyer is willing to pay a premium for a home, the bank may not be willing to lend that amount.
Now is still a great time to get your house listed for sale! Qualified buyers still have historically low mortgage interest rates and there is much less competition in the marketplace. Martin Bouma and his team of buyer’s agents are in the field every day and know the Ann Arbor Real Estate market better than anyone. Whether you are a buyer or seller, we will help you meet your goals with our experience, expertise, and negotiating skills. Call us today at 734-761-3060, email us at email@example.com, and visit our website to begin your home search or find out the value of your current home!
Ann Arbor Real Estate Has Entered a Seller’s Market
The Ann Arbor Real Estate market has reached a Seller’s Market for the first time this year with a 4.8 months supply of homes available on the market. Compared with August of 2011, the number of homes listed for sale is down 23%, while the number of sales is up 20%. This is a great sign of recovery for the market as a whole.
For a more detailed interpretation of these statistics or to find out what is happening with home prices in a specific neighborhood, contact the Ann Arbor Real Estate specialists at The Bouma Group today at 734-761-3060 or firstname.lastname@example.org. Want to know what’s selling in your community? Check out our Market Snapshot here!