The Spring Real Estate Market Starts Now!
Due to a huge lack of listing inventory, Ann Arbor is in a strong seller’s market with a 2.5 month supply of homes for sale. This is the lowest it has been for February since long before the real estate recovery started, when it was a consistent buyer’s market. The buyer pool remains very strong with a growing job market, low interest rates, and millennials starting to purchase homes. At the end of February, there were 279 homes listed for sale compared with 313 listings last year. The lack of inventory is pushing values upward as buyers compete for listings in their price range.
The spring market is here, now is the perfect time to get your home listed for sale! With this lower than average inventory, homes in great condition are selling quicker than ever. For more information about selling or purchasing an Ann Arbor home, contact the Ann Arbor real estate specialists at The Bouma Group today at 734-761-3060 or firstname.lastname@example.org. We have statistics for all Ann Arbor subdivisions, specific price points and more! And be sure to visit our website at www.bouma.com where you can search for homes in the Ann Arbor MLS, view information for all Ann Arbor condos, or read our informative Ann Arbor real estate blog for buyers and sellers.Save
Low Inventory of Ann Arbor Homes Sets Stage for Higher Prices
Ann Arbor Real Estate inventory is still declining and that is the driving force behind the continued seller’s market. Right now, the month supply of homes listed for sale is 4.5. Due to lower inventory, homes are selling at a faster pace and for more money. According to the Ann Arbor Area Board of Realtors, the average days on the market for August was 42 in 2015 and decreased to 36 in 2016, while the average sale price was $276,505 in 2015 and increased to $283,171 in 2016. When new inventory comes to the market, buyers are moving quickly to secure the property and willing to outbid competition to get the home.
Be sure to check back here each month for an update for Ann Arbor Real Estate, Ann Arbor Condos, Dexter Real Estate, and Saline Real Estate as we track each month’s statistics. To learn more about home values in your specific neighborhood or what your home is worth, contact the specialists with The Bouma Group at 734-761-3060 or email@example.com today!
Sales Up, Inventory Down for Ann Arbor Condos
The new year started off strong for Ann Arbor Condo sales, but a lack of listing inventory continues to be an issue. At the end of January, there were 135 units listed for sale compared with 150 at that time last year, keeping Ann Arbor in a seller’s market with a 2.4 months supply of available condos. In fact, all price ranges currently fall into a seller’s market.
Just last week here at The Bouma Group, we listed a condo at Heatherwood and within 2 days of it being on the market, we received 3 offers! This just shows that there are buyers ready to purchase immediately. If you’ve been considering selling your unit, don’t hesitate, the market needs inventory now. Give us a call at 734-761-3060 or firstname.lastname@example.org and get listed today with Ann Arbor’s Premier Real Estate team!