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 firstname.lastname@example.org today!