Listings Down, Sales Up in November
Ann Arbor Condo inventory continues to shrink, but this didn’t slow sales in November. For the month of November there were only 30 new listings, compared with 42 in November 2016. So far this year, there have been 679 new listings, down 8% compared with 738 this time last year. The number of condo sales rose from 44 to 53 during the month, an increase of 20%. However, year-to-date sales are struggling to match last year with 589 units sold, down 6.5% from 630. Residential home sales also rose during November, making it a busy month for all Ann Arbor real estate.
What does this mean for the future of the Ann Arbor condo market? If listings continue to decline, there will be less and less to choose from for the strong pool of buyers. This will drive the sale prices upward as buyers compete for properties, as we have seen this past year. The average sale price for condos has risen 12%, from $227,217 to $254,502, so if you’ve been thinking of selling your condo, now is a great time. Wondering what it’s worth? Contact us at The Bouma Group, Realtors today at 734-761-3060 or email email@example.com and find out!
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