Year Ends on High Note for Ann Arbor Real Estate
As the year comes to a close, sales for the past 12 months remain at the highest level in more than 6 years with 1288 Ann Arbor homes sold. At the end of the December there were 329 homes listed for sale, down 42% from the high in May. This lack of inventory has kept Ann Arbor in a seller’s market with a 3.1 months supply of homes available. It has also helped drive prices upward, with fewer choices available, buyers are willing to pay more for a great home when it hits the market.
Now that home prices are rising, we expect a strong spring selling market. Although mortgage rates have climbed a bit, buyer sales have not slowed. If you’ve been considering selling your home, but think you may be upside down in your mortgage, you may not be! Contact us, the Ann Arbor Real Estate specialists, for a market analysis of your home at 734-761-3060 or email info@bouma.com. Check back here monthly as we continually report on the current local and national real estate conditions!