Lack of Listings Drive Ann Arbor Real Estate Prices Upward
As has been the trend for most of the year, new real estate listings are down, sales are steady, and prices are up. According to the Ann Arbor Area Board of Realtors, new Ann Arbor home listings decreased by 12% when comparing December of this year to December of last year. Home sales decreased slightly from 84 in 2015 to 81 in 2016. And, the average sale price rose 8%, from $362,452 in ’15 to $390,381 in ’16.
For the year, the numbers look pretty similar. Listings were down, with a total of 1509 homes coming to the market in 2016 compared with 1523 in 2015. Homes sales were up by 3%, and the best news for homeowners is- the average sale price was up 7% with it clocking in at $391,802. As indicated by the number of sales, buyers are out there and willing to purchase at a higher price than in previous years. The lack of homes to choose from is still creating bidding wars on homes in great condition and in more desirable Ann Arbor neighborhoods.
What does this all mean for the upcoming year? If the trend continues, sellers will have the upper hand and still be able to push their asking prices. However, there are a lot of factors that could impact the Ann Arbor real estate market in 2017: buyer confidence, mortgage rates, and the number of listings just to name a few. To find out more about these factors and trends for the new year, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. If you’re a buyer, begin your home search here! If you’re a seller, find out what your home may be worth today!
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